MSB license has been acquired by Huobi Tech from Canadian authorities to further spread its regulated business throughout the world. Huobi Technology holdings Limited has declared that its sub-branch Hbit Technologies, has been effective in acquiring Money Services Business (MSB) license to have a registration with the Financial Transactions and Reports Analysis Center (FINTRAC) – a Canadian regulator.
Canadian MSB License Obtained by Huobi Tech to Advance Its Regulated Business
The respective acquisition is considered to be another landmark in the compliance expansion as well as the business globalization of Huobi Tech. The position of Hbit Technologies is under the brokerage business series named “Huobi Tech Brokerage” of the Huobi platform. With the current license, the venue can get involved in regulated operations dealing with foreign exchange activities as well as money and crypto transfer in Canada.
The regulated operations of Huobi Tech are witnessing a great expansion within North America. Its sub-branch received a Money Service Business license from the United States-based FinCEN nearly a couple of months back. Within the cryptocurrency market’s worldwide landscape, North America is advancing in swiftly and securing a significant place. As per the report published by Chainalysis, the per-month transfer volumes of cryptocurrency in North America expanded by up to 1,000% between July 2020 and June 2021.
In the case of regulation, North America is additionally moving at a rapid pace to stay at the top across the globe. The launch of Huobi Tech Brokerage was witnessed at this year’s start. After that till now, the total volume of its business of Over-the-Counter (OTC) Block Trading has exceeded 800M. The ideas of compliance and safety have always been given due importance by Huobi Tech amid its progress.
In the coming time, a further expansion will be witnessed in Huobi Tech’s worldwide business to offer secure and professional services regarding digital assets for additional consumers. Recently, the subsidiaries of the venue have also effectively got approval from the Securities and Futures Commission of Hong Kong (HKSFC) for organizing regulated activities such as Type 4 (dealing with securities) as well as Type 9 (related to asset management).
A few days ago, Leon Li – the founder and CEO of the top crypto exchange “Huobi Group” – reportedly expressed his intention to sell the firm’s majority stake to the investors. According to the estimates of Bloomberg, the likely acquisition might amass almost $3B. Li reportedly wished selling of approximately 60% from the platform. At the end of the previous year, the venue discontinued its services for customers located on the mainland of China. Additionally, it closed its headquarters establishment in Singapore, which was responsible for managing business across Asia.
Huobi’s Stablecoin Depegged from Dollar
The crypto exchange is counted among the most famous platforms throughout the world. More recently, HUSD – the stablecoin issued by Huobi Bitcoin Exchange – has lost the dollar peg thereof. The stablecoin has undergone a decline of up to 14.7%, as per CoinMarketCap. HUSD is an Ethereum blockchain-based token and is considered to be a secure and safe stablecoin.
