In a press release shared with Cointelegraph, Huobi, which claims to have a global user base of “more that five million,” continued its recent narrative that expansion into Europe was a priority, with London a deliberate choice for basing its new operations.
“London was selected as the first office in Europe, due to its preeminence as a global financial center and the largest cryptocurrency trading centre in the region with an active blockchain community and fast developing market,” the exchange wrote in praise of the local UK landscape.
“Huobi’s UK growth will be supported by high quality finance and technology talent pools and an open cryptocurrency regulatory environment.”
The move follows similar decisions from other major exchange industry players, most conspicuous among which is Binance, once the world’s biggest operator by volume, which moved to Malta in April.
Huobi plans to offer OTC trading throughout the European market. Its new presence in London should “provide improved access to European financial markets and will enable UK-based blockchain and crypto asset startups to benefit from Huobi Labs and the Huobi Ecosystem Fund,” it added.
As of press time, Huobi is the third largest crypto exchange in the world at around $500 million in daily trade volume, according to Coinmarketcap.