The Huobi group, a company specialized in bitcoins since 2013, is relocating its business to Gibraltar following China’s repressive measures against cryptocurrencies. As detailed by Bloomberg , the Gibraltar Financial Services Commission (GFSC) has authorized this migration of the company.
Following this ‘moving’ trading operations to the spot of the Huobi group, the US digital media Bloomberg says it can provide its services through Huobi Technology ( Gibraltar ) Co . This subsidiary of the company is a centralized exchange of digital assets that has been regulated by the GFSC.
” The global cryptocurrency industry is moving towards compatible growth and we recognize the need to align our business with this trend, ” said the group’s co-founder, Du Jun in a statement.
The company, which has so far provided China’s largest virtual currency exchange , voted unanimously in September by the founders and sponsors on its departure from the domestic market. According to Bloomberg, this decision was made a day before Chinese regulators banned all crypto transactions and services in the country, that is, on September 24.
The Huobi group opted for Gibraltar, which, according to Bloomberg, has earned the reputation of a “cryptocurrency paradise ”. This British enclave has attracted numerous companies related to the world of digital money, as the territory ” is considered a relatively friendly regulatory environment .”
After the restrictions of the Asian country, several cryptocurrency companies have also made the decision to leave China. Some of them were Binance, BTC.com, and Bitmain.