Huobi to Open Office in London

Vice Presinent of company said that London is the entry point for the European market for Huobi
18 April 2018   1096

The Huobi Exchange, originally located in Beijing, but later moved to Singapore against the backdrop of the ban on China's cryptocurrency trade, intends to expand its presence in Europe. Chern Chung, head of development at Huobi in Europe, said his company wants to have an office in London, because this city is "our statistics show that London is the most active trading scene across all of Europe." This is  reported by Finance Magnates.

The London office will become the place where Huobi will develop and launch products for the entire European market. In addition, the exchange intends to establish strategic relations with leading banks located in one of the largest financial centers of the world.

London will not be the first place where Huobi will open its additional office. Earlier, the company began operating operations from South Korea, and in the foreseeable future plans to open in San Francisco.

Huobi's interest in London can also be conditioned by measures taken by Great Britain to introduce certainty into the issue of regulating the sphere of crypto-currencies.

Not Malta, not Switzerland. Absolutely London, more precisely Britain, is the entry point for the European market for us.

Peng Hu

Vice Presient, Huobi Group

According to Chung, the latest decision of the exchange is proof of its "commitment and intention to become public", and says that the company "is not afraid of regulation and does not hide from it."

Bloomberg reported in Septembe 2017 that London city still ranks as the world’s “top financial center", so Huobi's decision can be good.

Huobi to Reply on Faking Trading Volumes Accusations

Huobi did not find any evidence of systematic abuse, CEO Huobi Global said
31 May 2019   361

The general director of Huobi Global, Livio Weng, said that the Huobi cryptocurrency exchange has never been involved in faking trading trading volumes, as stated in the report of Bitwise Asset Management. It is reported by CoinDesk.

So, after the publication of the report, Huobi conducted an internal investigation, which resulted in no systematic problem.

We did identify a few of our market makers conducting what we suspect may have been wash trading for the sake of performance and marketing purposes. We have already communicated with these market makers and they have discontinued the strategies in question.

Livio Weng

CEO, Huobi Global

In the near future, the exchange will make the necessary changes in its policy, as well as take additional measures to combat the increase in trading volumes.

Late March, Bitwise told the US Securities and Exchange Commission (SEC) that 95% of trading volumes on unregulated exchanges are fake and devoid of any economic sense.

This provoked a lively discussion around the CoinMarketCap analytical resource and the correctness of the data published on it.

Later, Bitwise said that the cryptocurrency market can be considered “healthy” if it will get rid of fake data.

Only 10 Bitcoin exchanges passed the original test of the company, Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex are among them.