Huobi Plans to Re-enter the US Market

Chinese cryptocurrency exchange Huobi is planning to re-enter the United States after ceasing operations in the region in 2019 to comply with regulations. Focus on Asset Management In December of 2019, Huobi announced that it would ‘cease operation so that it can return in a more integrated and impactful fashion.’ The exchange also recently closed accounts for its existing users in Mainland China following an outright crypto ban in the country last year. Since then, the exchange has expanded to Singapore, with further plans for entry in the U.S. and Europe. This time, however, the company could focus on asset management instead of a cryptocurrency exchange. “In 2018, we tried to enter the U.S. market but we quickly withdrew ourselves because we didn’t have a strong commitment to the market at that time and we didn’t have a good management team in the U.S.,” co-founder Du Jun, told CNBC. “I expect asset management to be a bigger business than exchange, which echoes the traditional finance market as well. I don’t think exchange is a necessary element for entering the U.S.” Du added. Impact of China Shut Down Huobi is among the top 10 biggest cryptocurrency exchanges by trading volume, according to data from CoinGecko. At the end of last year, Huobi closed down mainland Chinese users’ accounts and selected Singapore for its Asia headquarters. Following the closure of its China operations, the company lost about 30% of its revenue...