Huobi eyes US expansion with new FinCEN license

Huobi Said On July 5, its subsidiary, HBIT, obtained a license to do business domestically from the Money Services Business Registration (MSB) of the US Financial Crimes Enforcement Agency (FinCEN).

According to the press statement, this license provides an excellent foundation for the exchange’s digital currency-related business in the United States.

Financial institutions such as the US cryptocurrency exchange require an MSB license to make foreign exchange and remittances domestically.

Apart from that, the license guarantees that the service provider is safe and compliant with the laws of the land.

Huobi expands into the US

Huobi’s first attempt at the US market ended abruptly in 2018 due to lack of good management.

In February, Du Jun, co-founder of the exchange, said: Re-enter The country’s market as an asset management company after regulatory demands forced users to close their accounts in mainland China.

Huobi has selected Singapore as its new headquarters in the Asian region and is aiming for further expansion into Europe.

Rumors swirling around Huobi

Meanwhile, there are rumors that Huobi plans to reduce its workforce amid the market downturn.

Colin Wu, a crypto journalist based in China, claimed that the company wanted to dismiss 30% of its employees.

Exclusive: Cryptocurrency Exchange Huobi begins layoffs. This can exceed 30%. The main reason is the sharp drop in revenue after removing all Chinese users. Earlier, Bybit also announced a layoff plan. pic.twitter.com/jbRG2Aew5G

Wu Blockchain (@WuBlockchain) June 28, 2022

The exchange’s earnings were hit by closing its Chinese business and losing its Thai license.

There are reports that founder LiLin wants to sell the company’s stock. Lynn currently owns more than 50% of the crypto company.