Huobi's Strategic Return to the US Market
After a sudden exit in 2019, Huobi Group is set to reenter the U.S. crypto market with a newly acquired Nevada state trust license. This license, approved for its subsidiary Huobi Trust Company, marks a pivotal step in offering custodial and compliance services stateside by early 2021.
Key Developments:
- License Approval: Granted by the Nevada Financial Institutions Division, enabling regulated digital asset services.
- Regulatory Focus: Part of Huobi’s broader strategy to launch compliant financial products in the U.S.
- Leadership: Simon Collier (ex-HSBC) heads the trust company, with Aja Heise (ex-Prime Trust) leading compliance.
Background and Regulatory Challenges
Huobi’s prior entity, HBUS, ceased operations in 2019 citing regulatory hurdles. The group has since explored partnerships with U.S.-regulated brokerages to ensure compliance.
👉 Explore how top exchanges navigate U.S. regulations
Global Exchange Landscape in the U.S.:
- BinanceUS: Launched in 2019 but still restricted in 13 states.
- Licensing Hurdles: Many exchanges face limits on fiat-crypto trading despite partial approvals.
Huobi’s Compliance Framework
The Nevada-based Huobi Trust Company will emphasize:
- BSA/AML Programs: Tailored for digital asset projects.
- Global Expansion: Aligning with Huobi’s goal to offer regulated blockchain financial services.
"Huobi is committed to secure, compliant products—whether directly or via partners like Huobi Trust."
— Ciara Sun, Huobi Group Global Head
FAQs
Q: Why did Huobi leave the U.S. in 2019?
A: Regulatory concerns prompted HBUS to halt operations, aiming for fuller compliance.
Q: What services will Huobi Trust offer?
A: Custodial solutions and compliance infrastructure for digital assets.
Q: How does this license compare to BinanceUS?
A: Unlike BinanceUS’s state-by-state approach, Huobi’s trust license provides a unified framework.
👉 Learn about crypto custody solutions
Future Outlook
With U.S. regulators intensifying scrutiny of international exchanges, Huobi’s trust license positions it as a compliant contender in the competitive crypto custody space.
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