Huobi cryptocurrency exchange has achieved another milestone in its history. The third largest crypto exchange in the world, with a 24-hour trading volume of over $731 million, has opened a brand new cryptocurrency trading marketplace in crypto-friendly San Francisco, United States.
The new initiative is called HBUS and has taken to Medium to explain that:
“[HBUS]…is not an ‘arm,’ ‘subsidiary,’ ‘division,’ or any type of ‘affiliate’ of Huobi. Nor is HBUS to be referenced as ‘Huobi US’ or any variant thereof. HBUS is the ‘exclusive’ US strategic partner of Huobi.”
Per the Medium blog post, pre-registration of users begins on June 10, and all traders who join the platform between June 10 and June 14 will be eligible to trade on the platform for one month without being charged trading fees.
While the HBUS team have hinted that official trading could start on June 15, they have also made it clear that if client demand exceeds what they can handle, they could postpone their launch date.
“Due to overwhelming demand, we have to postpone our launch to accommodate the account creation requests and deposit volume. We appreciate your patience while we work hard to augment our infrastructural capacity to ensure a smooth and enjoyable launch for our customers.” HBUS stated on its website.
Just like Binance exchange that recently moved to Malta where there is a more favorable atmosphere for digital currencies to thrive, Huobi also announced its move to Canada in May 2018.
“Canada is emerging as a leading blockchain nation, and Toronto is set to become one of the next most active blockchain hubs across North America. Entering the Canadian market will help support Huobi to become the leader in blockchain and cryptocurrency innovation,” said Ross Zhang, General Manager at Huobi.
Although there is yet to be a federal regulation for the US crypto industry and San Francisco is one of the most crypto-friendly states in the US, there is no denying that the Securities and Exchange Commission (SEC) is always on the lookout for crypto-related businesses that go against its laws.
Recently, the SEC chair, Jay Clayton made it categorically clear that bitcoin is the only cryptocurrency that is not a security. Therefore all exchanges trading ICO tokens and other digital assets must register with the agency.
Presently, HBUS has claimed that it has educated its staff concerning Anti-Money-Laundering (AML) and KYC activities.
As such they will adhere to the regulations at all time. However, it remains to be seen whether they will be friends with the regulators too.