Huobi Global’s Malaysian branch, Huobi Labuan, has received approval to launch its trading services in Malaysia. Back in September 2020, it had received the license for digital asset trading brokerage service in Malaysia.
The Brokerage license that Huobi Labuan has received will let them provide both spot and derivatives trading services in the Malaysian market. Currently, they require nine months to meet SC’s regulatory standards.
Huobi Labuan to Provide Trading Services in Malaysia
It is revealed that currently, Huobi Labuan will be supporting a huge variety of assets that includes the largest cryptocurrencies like BTC, ETH, and many others. The exchange has assured that they will be adding more assets to its late but it will be possible only after the end of the trial operation period. The exchange is seeing this as a huge opportunity for the growth of the Malaysian crypto market.
Huobi Labuan is acting as a local operating partner of Huobi Cloud and is providing trading services under this only. However, the main aim of the exchange is to provide a completely safe and secure digital transaction service. It provides these services to the users through Huobi Cloud technology.
Huobi Expanding Services Across the World
Even though Huobi originated in China, it has opened its offices in different countries including Hong Kong, Singapore, and South Korea. It is expanding its services aggressively across the world including the U.S. despite the huge regulatory uncertainty for crypto firms. There are other parts of the world as well, where the exchange has expanded its services and opened regional offices. It was also the first major crypto exchange that has started trading in Russia. Huobi Labuan is now looking forward to cooperating with the local Malaysian authorities. This will ultimately help the exchange to further expand and improve its services.