Huobi plans to move headquarters to Hong Kong from Singapore

Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong, Justin Sun told Nikkei Asia in an interview published Monday.

See related article: Hong Kong begins public consultation on crypto licensing regime

Fast facts

• Huobi plans to expand its headcount in Hong Kong from 50 to 200 by this year.

• Sun, an advisor to the exchange, said on Twitter on Monday that the exchange is applying for a crypto trading license in Hong Kong, and will be launching a new Hong Kong exchange to serve local institutional investors and high net worth individuals.

• Hong Kong’s Securities and Futures Commission (SFC) published proposals Monday for a new crypto licensing regime that may allow retail investors to trade certain “large-cap tokens” on compliant platforms.

• The SFC is receiving public comments on the proposals until Mar. 31, and the new licensing regime is expected to take effect on June 1, 2023.

• Sun has been a member of Huobi’s global advisory board since last October.

• Huobi laid off 20% of its staff last month, citing the worsened crypto bear market.

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