Huobi Technology Holdings Limited (“Huobi Tech”, Stock Code: 1611. HK) is pleased to announce today that its subsidiary, Hbit Technologies Limited, has successfully obtained Money Services Business (MSB) Registration License from the Financial Transactions and Reports Analysis Centre (FINTRAC) of Canada. It is another essential milestone in the business globalization and compliance expansion of Huobi Tech.
Hbit Technologies Limited falls under Huobi Tech's brokerage business line ("Huobi Tech Brokerage"). With this license, Huobi Tech Brokerage can engage in regulated activities for Foreign Exchange Dealing, Money Transferring and Virtual Currencies Dealing in Canada. Huobi Tech's compliance presence in North America continues to make progress. Its subsidiary obtained a Money Services Business (MSB) Registration license from FinCEN in the United States two months ago.
Among the global landscape of the cryptocurrency market, North America is developing rapidly and occupying an important position. According to the Chainalysis “The 2021 Geography of Cryptocurrency Report”, the monthly cryptocurrency transaction volumes in North America grew by more than 1,000% from July 2020 to June 2021. In terms of regulation, North America is also making the most rapid progress and staying ahead in the world.
Huobi Tech Brokerage was launched at the beginning of this year. Since then, its OTC Desk (Over-the-Counter Block Trading) business has been growing rapidly, with a cumulative trading volume exceeding USD 800 million so far. Huobi Tech has always prioritised the concepts of "safety" and "compliance" amidst its growth. In the future, Huobi Tech will further expand its international business to provide professional and secure digital asset services for more users.