Huobi Launches in Malaysia to Provide Regulated Trading

Share Article
In Brief
  • Huobi launches new crypto exchange in Malaysia

  • Crypto might provide a safer store of value than Ringgit

  • 2015 Malaysian protests due to government led financial corruption

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Huobi found a new home in Malaysia as it continues to increase its influence on pan-Asian cryptocurrency adoption.

Huobi’s newest entity is called Huobi Labuan, which shares its name with a small island off of Malaysia’s North coast of Borneo.

Sponsored



Sponsored

The Labuan name is fitting for a cryptocurrency exchange given that it is derived from the Malay word labuhan which means harbor. A Bitcoin harbor might be the best place for holders of Malaysia’s Ringgit currency, which has been trading 15-20% down to the US dollar over most of the last five years.

Need for a Labuan

Currency volatility came as a result of a number of protests in 2015. These protests erupted after the discovery of a series of anonymous payments, amounting to $700 million, that were made to then Prime Minister Najib Razak’s bank account. Mr. Razak has recently been sentenced to 12 years of jail for corruption relating to the case.

Sponsored



Sponsored

The launch of the Huobi Labuan exchange will provide local cryptocurrency users with a safe and regulated way to trade cryptocurrencies. The new exchange’s website currently provides OTC trading for Bitcoin (BTC), Tether (USDT), Ether (ETH), Huobi Token (HT), Ripple (XRP), Litecoin (LTC) and EOS. The exchange will be permitted to list more assets once its trial operation ends.

Huobi’s origin story

Huobi is a Singapore-based cryptocurrency exchange. Founded in China in 2013, the company now has offices in Hong Kong, South Korea, Japan and the United States. Huobi is also a publicly listed company on the Hong Kong stock exchange, listed in 2018. Huobi’s mission is to further blockchain technology and the integration of blockchain into other industries. Huobi has expanded into public chain, digital assets trading and wallet, mining pool, proprietary investment, incubation and digital asset research.

Of course cryptocurrency regulation might not provide the safest harbor as evidenced in 2017 when the Chinese government banned exchanges and Huobi complied by disallowing withdrawals from its exchange. The same ban saw the world’s largest cryptocurrency exchange, Binance, leave China.

Huobi was in our sights earlier this year due to the further minting of its HUSD, which seems to have brought the stablecoin back to life. Huobi minted more HUSD on three different occasions in February and once again in April. Huobi also maintains the Huobi Token (HT) which operates similar to Binance’s BNB token, in providing the users of its exchange discounted rates and voting rights.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Related topics

Michael is a Content Marketer, Writer & Educator with a multidisciplinary education in the Humanities and Social Sciences. Over his career, he has given much thought to the social inequalities found the world over and sees a promising equalizing opportunity in new forms of money, especially with crypto. Besides that he is busy raising his baby daughter, mastering the German language (it's a doozy) and growing things in his backyard. The picture is from when he still had hair.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!