The native token of the crypto exchange Huobi Global – HT – spiked around 16% after Justin Sun outlined the company’s intentions to obtain a trading license in Hong Kong.
If secured, the authorization will allow the platform to offer a wide range of digital asset services and products to domestic consumers.
Justin Sun – Tron’s Founder and a member of Huobi’s Global Advisory Board – revealed that the crypto exchange has applied for a trading license with Hong Kong’s watchdogs.
He labeled the initiative as a “major step” and a demonstration that the entity is willing to cooperate with global regulators. He also believes the potential permit will help Huobi establish a “reliable” platform for Hong Kong users.
Big news for crypto today: @HuobiGlobal has announced that it’s applying for a crypto trading license in Hong Kong! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
He further announced the launch of a new trading venue in the special administrative region of China called Huobi Hong Kong. It will be “fully compliant with local regulations and offer a range of trading pairs and services to customers,” Sun assured.
The native token of the exchange – HT – climbed approximately 16% hours after the disclosure. It currently trades at $6, while earlier today, it hit $6.10.
It is worth noting that Sun is among the biggest holders of HT. He maintained last year that he owns “tens of millions” of coins as he started accumulating in 2013.
Sun has previously claimed that a probable increased cryptocurrency adoption in Hong Kong could soften China’s stance on the industry. All digital asset services in the most populous country are prohibited at the moment.
The post HT Surges 16% Amid Huobi’s Plans to Secure Crypto License in Hong Kong appeared first on CryptoPotato.
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