Huobi HK said it applied for a regulated crypto exchange license in Hong Kong on May 29.
Having applied for the license, it now offers spot trading to retail and institutional clients in the region.
Huobi HK is now offering crypto spot trading to retail and institutional clients in Hong Kong, having now applied for a virtual asset exchange license.
The exchange submitted an application notice to the Hong Kong Securities and Futures Commission on May 29, according to a statement on Twitter. Crypto firms need to apply for a license before they are able to start offering regulated services.
The platform will work with auditors and focus on compliance and anti-money laundering regulations, it added. This will be aimed at meeting the requirements of the Hong Kong Securities and Futures Commission.
Hong Kong recently introduced a crypto licensing regime for crypto exchanges, in order to protect retail investors and allow for innovation. Other firms including BTSE, JPEX and OKX have said they want to apply for the license.
Huobi's Hong Kong offering operates through the main Huobi website. The exchange said on May 26 that Huobi HK will list bitcoin and ether, among other major coins.
“Regulation of web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale. Huobi will continue to collaborate with regulatory authorities in Hong Kong to support the development of a vibrant web3 hub,” the exchange said at the time.
Crypto exchange Huobi has seen $12.7 billion in trading volume so far this month, behind larger exchanges like Binance, Coinbase and OKX.