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Huobi-Branded Crypto Exchange Launches for Malaysian Market

Daniel Palmer
Updated ·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

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