Huobi Global is reportedly planning to move to the Caribbean

The company can relocate up to 200 employees from Seychelles to one of the Caribbean jurisdictions.

Chinese crypto exchange Huobi, which recently had to deny rumors of mass layoffs within the company, has disclosed plans to move its headquarters to one of the Caribbean jurisdictions, with the Dominican Republic being the first candidate.

In the November 1 report, quoting one of the board members, the FT revealed the company's intention to "go all out in the Caribbean". The reason for this is the region’s “super friendly” crypto stance, common law systems, and adoption of the English language. In Dominica, the "favorites" among local nations to welcome Huobi are Panama and the Bahamas.

Huobi's representative already met with Prime Minister of Dominica Roosevelt Skerrit last year, and the company will work with the country's government to improve its crypto infrastructure.

Currently, Huobi's head office is in the Seychelles Islands in the Indian Ocean, with the exchange having offices in Hong Kong, South Korea, Japan, and the United States. According to FT, the company plans to move up to 200 of 1,600 employees to the new headquarters.

The Caribbean has become a hotspot for the crypto industry, especially with the US-based exchange FTX moving from Hong Kong to the Bahamas in 2021. Other companies to register in the Local jurisdictions include Binance, C-Trade and PrimeBit.

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In October, About Capital Management (HK) Co. Ltd, a Hong Kong-based asset management company, became the majority shareholder of Huobi Global.