Huobi's U.S. expansion draws closer after securing FinCEN license

It indicates that users in the United States can expect digital asset services to come in the future.< /p> New

A subsidiary of cryptocurrency exchange Huobi called HBIT Inc received its Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN).

Seychelles-based Huobi said on Tuesday that the license creates a foundation for it to conduct crypto-related business in the United States in the future, as part of its strategic goals of "globalization and of compliance". The exchange is a major player, with over $1 billion in volume in the past 24 hours, according to CoinGecko.

Before the big crypto crackdown by Chinese authorities, most Huobi users were from China, but according to the latest figures from Statista, most users in February 2022 were from Russia and Ukraine.

MSB license allows Huobi subsidiary to transmit money and operate as a fiat currency exchange, a step required by US regulators to ensure FinCEN can monitor financial crimes such as money laundering money.

However, this does not allow it to provide cryptocurrency exchange services, which would require a money transfer license. It says that in the future, it plans to provide US users with a compliant digital asset service.

Huobi said its subsidiaries in Hong Kong have also received asset management and securities advisory licenses from the country's Securities and Futures Commission.

Subsidiaries are also in the process of applying for a license to provide automated trading and securities trading services to become a fully compliant crypto exchange in Hong Kong.

Huobi has had a string of licensing victories.

On June 21, the exchange was awarded licenses in New Zealand...