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Huobi To Expand in Hong Kong As It Bets on China

Huobi Global, one of the world’s largest cryptocurrency exchanges, plans to expand its operations in Hong Kong, anticipating that Mainland China will soon follow the city’s recent pro-crypto shift, Huobi chief and digital asset tycoon Justin Sun told Bloomberg TV on Friday. 

Sun, an advisor to Huobi who bought a 60% stake in the company last year, said the increased focus on the Hong Kong market is due to its status as “one of the experiment zones for crypto development in China.”

Hong Kong saw an exodus of crypto companies in 2021 due to China’s ban and tighter regulations on retail investors within the city. But this year, Hong Kong has signaled a willingness to regain its status as a digital-asset center, aiming to reform its regulation and promote growth in the sector.

Huobi Hong Kong Justin Sun
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