HBIT Inc. subsidiary of Houbi, the Hong Kong-based crypto exchange has obtained a license from the U.S. Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB) to start a digital currency-related business in the U.S. The latest step is in line with the strategic goals of globalization and compliance.
Huobi Bags The FinCEN’s MSB License
The news was announced in a tweet on July 5, 2022, by Wu Blockchain where it detailed that Huobi Technology, has received the MSB license from the U.S. FinCEN. It means that the brokerage firm will be able to do foreign exchange and money transfers across the U.S. It also makes it sure that users get safe and compliant digital asset services in the U.S. The US has enforced strict regulatory control and conformity when it comes to cryptocurrencies.
Huobi brokerage firm has accomplished $430 million in transaction volume in transaction volume since November 2021. The company provides services to a select group of premium individuals and institutions. It will also help the company to develop its virtual asset ecosystem.
The subsidiary of Houbi has also applied for service licenses from the Hong Kong Securities and Futures Commission for effecting securities trading and automated trading. The various subsidiaries of Huobi have fruitfully managed portfolios with 100% digital assets.
Huobi Faces Difficulty In The Middle Of Crypto Crisis
China is massively cracking on cryptocurrencies as well as crypto mining since last year and this has led to a steep fall in revenues as well as user base. Houbi is also facing trouble in Thailand where SEC has revoked its license. It has shut its operation in Thailand. The present crypto winter has forced the exchange to lay off 30% of its staff. The company has recently expanded its operations in New Zealand and the UAE.