Huobi launches new crypto exchange in Malaysia
The new crypto trading platform Huobi Labuan is now entering a nine-month test phase.
Huobi Global, the Singapore-based crypto exchange of the Huobi Group, has so far had a less than pleasant year 2020, which has recently become even more uncomfortable due to additional Crypto Code rumours about the trading platform. Yesterday, November 27th, Huobi finally gave good news again, as a new crypto trading platform is being launched under its name.
The new crypto exchange called Huobi Labuan is independent from Huobi, but operates under its name and licence. The new trading platform is aimed specifically at Malaysia, as a corresponding licence was obtained from the country’s regulatory authorities in September 2020.
Initially, the platform will run a nine-month trial period during which crypto-currencies and crypto-derivatives for more than a dozen coins can be traded, including Bitcoin (BTC), Ether (ETH), EOS and the company’s own Huobi token.
Huobi Cloud infrastructure
Huobi Labuan uses the Huobi Cloud infrastructure, allowing the crypto exchange to use Huobi’s proven trading technology for its services.
As reported, Labuan is one of several new licensed Huobi platforms and offshoots. The main platform now has offices in Thailand, Argentina, Turkey and, through its strategic partner HBUS, also in the USA.
Although crypto trade is subject to increasingly strict regulation in many countries, Huobi is nevertheless continuing to expand its own range of services and is trying itself out on projects in the areas of decentralised financial services (DeFi) and decentralised Internet.
At the time of going to press, Huobi Global is the second largest crypto exchange in the world in terms of daily trading volume on the spot market and in derivatives trading.