Huobi Global is looking to relocate its Asia headquarters from Singapore to Hong Kong, according to Justin Sun in an interview published Monday.
Huobi intends to increase its Hong Kong workforce from 50 to 200 by the end of the year. Justin Sun announced on Twitter on Monday that the exchange is applying for a crypto trading license in Hong Kong and will open a new Hong Kong exchange to serve local institutional investors and high net worth individuals.
The Securities and Futures Commission (SFC) of Hong Kong published proposals for a new crypto licensing regime on Monday, which may allow retail investors to trade certain “large-cap tokens” on compliant platforms.
The new licensing regime is anticipated to go into effect on June 1, 2023, and the SFC is accepting public comments on the proposals until March 31.
Since last October, Sun has been a part of Huobi’s global advisory board.
Last month, Huobi made 20% of its workforce redundant, blaming the deteriorating crypto bear market.
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