Singaporean cryptocurrency exchange firm Huobi has rolled out a regulated crypto exchange in Malaysia, media reports said. It is reported that the new platform is known as Huobi Labuan and exclusively for the Malaysian market.
The platform is one of the company’s licensed platforms or subsidiaries.
Furthermore, the platform is rolling out trading services shortly after receiving approvals from the Malaysian government in September. The new platform will be able to offer crypto spots and derivatives for an initial nine-month trial period and will support virtual currencies such as EOS, Bitcoin, Huobi’s native token and Ether.
The platform will serve as a local operating cloud partner of Huobi Cloud in terms of infrastructure. It will utilise the company’s established trading technology to carry out its local digital transaction brokerage services.
It is reported that the 7 years old company has a strong presence in countries such as the US, Thailand through HBUS, its strategic partner including Turkey, Argentina and a few others. The company has offices in South Korea and Hong Kong.
The company has been striving to expand its product offerings despite a crackdown on rules and regulations that exchanges are now facing in certain regions. The company is also working with the DeFi segment and Filecoin, an internet project.
It is reported that the company’s global rank in terms of derivatives exchange charts including daily traded volume is second.
The global cryptocurrency market is prospering despite the pandemic and as demand for trading has surged in recent times.