Huobi plans return to the US after halting operations in 2019. Huobi Group, the company behind Huobi’s big global crypto exchange, is reportedly preparing to return to the United States with a new licence obtained by local regulators.
After cessation of operations in the U.S. at the end of 2019, Huobi appears to be interested in opening a trust company business in the region. Trusts are organisations responsible for handling properties for a group of owners or investors. Grayscale trusts use this structure to provide cryptocurrency exposure in traditional markets.
According to a Dec. 22 announcement by Huobi Technology Holdings, the company’s Nevada-incorporated business Huobi Trust has received a Trust Company License from the Financial Institutions Division of the Department of Business and Industry in Nevada.
Lan Jianzhong, executive director of Huobi, noted that Huobi Trust has not yet started providing any related trust services. “Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company,” Jianzhong wrote in the announcement.
Huobi US, or HBUS, the U.S.-based crypto exchange operator Huobi, formally ceased operations in December 2019. The move came shortly after Huobi Global announced that it would freeze all U.S. consumer accounts by mid-November. The exchange said the incident was triggered by issues linked to the American regulatory ecosystem.
[image: John Silliman]