Singapore markets closed
  • Straits Times Index

    3,004.87
    +4.87 (+0.16%)
     
  • Nikkei

    28,519.18
    -179.08 (-0.62%)
     
  • Hang Seng

    28,573.86
    +77.00 (+0.27%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • BTC-USD

    35,308.65
    -2,530.00 (-6.69%)
     
  • CMC Crypto 200

    678.91
    -56.23 (-7.65%)
     
  • S&P 500

    3,779.62
    -15.92 (-0.42%)
     
  • Dow

    30,892.62
    -98.90 (-0.32%)
     
  • Nasdaq

    13,073.80
    -38.84 (-0.30%)
     
  • Gold

    1,828.80
    -22.60 (-1.22%)
     
  • Crude Oil

    52.27
    -1.30 (-2.43%)
     
  • 10-Yr Bond

    1.0940
    -0.0350 (-3.10%)
     
  • FTSE Bursa Malaysia

    1,627.01
    -8.70 (-0.53%)
     
  • Jakarta Composite Index

    6,373.41
    -54.90 (-0.85%)
     
  • PSE Index

    7,238.46
    -34.69 (-0.48%)
     

Huobi-Branded Crypto Exchange Launches for Malaysian Market

Daniel Palmer
·1-min read

There’s now an additional cryptocurrency exchange serving the Malaysian market, after a new Huobi-linked platform announced its launch Friday.

  • Huobi Labuan said in an emailed press release that it aims to provide users in the nation with a “safe and regulated” platform for trading cryptocurrencies.

  • The exchange received a digital asset trading brokerage service license from “Malaysian authorities” in September for a nine-month trial period of operation, according to the release.

  • Responding to a question from CoinDesk, a representative detailed that the Labuan Financial Services Authority issued the license.

  • Under the license, Huobi Labuan is permitted to provide spot and derivatives trading services in Malaysia.

  • The exchange will initially support over a dozen different crypto assets including bitcoin, ether, EOS and Huobi’s own HT token. After the trial period, more cryptocurrencies can be added.

  • The crypto exchange has been set up as a “local operating partner” of Huobi Cloud – a scheme allowing “vetted partners” to launch exchanges leveraging Huobi’s trading technology and digital asset infrastructure.

  • CoinDesk reached out for further details on who the partner entity is.

  • Huobi Global is the world’s second largest cryptocurrency spot exchange by volume, according to CoinMarketCap.

  • Edit (09:54 UTC, Nov. 28 2020): Added regulating authority.

See also: Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report

Related Stories