The native token of the crypto exchange Huobi Global – HT – spiked around 16% after Justin Sun outlined the company’s intentions to obtain a trading license in Hong Kong.
If secured, the authorization will allow the platform to offer a wide range of digital asset services and products to domestic consumers.
- Justin Sun – Tron’s Founder and a member of Huobi’s Global Advisory Board – revealed that the crypto exchange has applied for a trading license with Hong Kong’s watchdogs.
- He labeled the initiative as a “major step” and a demonstration that the entity is willing to cooperate with global regulators. He also believes the potential permit will help Huobi establish a “reliable” platform for Hong Kong users.
Big news for crypto today: @HuobiGlobal has announced that it’s applying for a crypto trading license in Hong Kong🇭🇰! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner. 🇨🇳
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
- He further announced the launch of a new trading venue in the special administrative region of China called Huobi Hong Kong. It will be “fully compliant with local regulations and offer a range of trading pairs and services to customers,” Sun assured.
- The native token of the exchange – HT – climbed approximately 16% hours after the disclosure. It currently trades at $6, while earlier today, it hit $6.10.
- It is worth noting that Sun is among the biggest holders of HT. He maintained last year that he owns “tens of millions” of coins as he started accumulating in 2013.
- Sun has previously claimed that a probable increased cryptocurrency adoption in Hong Kong could soften China’s stance on the industry. All digital asset services in the most populous country are prohibited at the moment.