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Huobi says “No” to establish cryptocurrency exchange decides to focus on asset management

According to sources, Huobi is one of the top ten biggest cryptocurrency exchanges in the world by trading volume and after making mistakes the first time around. Huobi decided not to establish an exchange and instead concentrated on other areas like asset management. Huobi’s co-founder, Du Jun, did not specify which business would be launched first when the company returned to the United States. Huobi is thinking about setting up a European headquarters in addition to its work in the United States.

If the Seychelles-based cryptocurrency exchange returns to the US market, it may face competition from businesses such as Coinbase. In 2018, Huobi launched its first cryptocurrency exchange in the United States. The company said the following year that user accounts in the United States would be frozen, and that it would return to the market in a “more integrated and impactful way.”

Huobi deleted existing mainland Chinese customers’ accounts and picked Singapore as its Asia headquarters after many years of tougher crypto laws. According to the Huobi co-founder, the company has lost around 30% of its income as a result of shutting down customers in China.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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