(Bloomberg) —
Huobi Group, a cryptocurrency-technology company founded in 2013, is moving its spot-trading operation to Gibraltar as it takes steps to leave China, where authorities are cracking down on the industry.
Huobi’s spot-trading business has received approval from the Gibraltar Financial Services Commission to start migrating its operations to affiliate Huobi Technology (Gibraltar) Co., according to a statement from the company on Monday. That will allow Huobi Group to offer spot-trading services through Huobi Gibraltar, a centralized digital asset exchange regulated by the GFSC.
“The global cryptocurrency industry is moving toward compliant growth and we recognize the need to align our business with this trend,” Huobi Group co-founder Du Jun said in the statement.
Huobi founders and backers voted unanimously at a shareholder meeting Sept. 24 that the crypto exchange, China’s largest, should leave its home market after years of growing government scrutiny. Later that day, Chinese regulators declared that all crypto transactions and services were banned in the country.
Gibraltar, a British enclave near the tip of the Iberian Peninsula, has cultivated a role as a crypto haven in recent years, with numerous firms attracted to what’s seen as a relatively friendly regulatory environment.
Read more: China’s Biggest Crypto Platform Knows There’s No Going Home
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