Brazilian news portal du Bitcoin announced may 29 that the third in the world in intraday trading volume, the exchange Huobi has opened an office in Brazil. Huobi representatives handed out business cards to participants major cryptocurrency conference, held in são Paulo on 5-6 may this year.
The Singapore exchange has not yet made any official statements on this account, but confirmed information portal CoinDesk. According Portal du Bitcoin, a branch of Huobi already operates in Sao Paulo. In addition, the exchange posted on the website LinkedIn ads for job in the Brazilian office of the Manager of digital marketing and head of Department of control over observance of the legislation.
Huobi was founded in China in 2013, and long remained the largest in the country. When, in September 2017, the government of China had banned the cryptocurrency trade, instead of disrupt, the exchange expanded, opening offices in Singapore, South Korea and other countries.
A few weeks ago Huobi announced plans to open an office in Toronto (Canada), and before that, despite the uncertain stance of US regulators, announced that it opens a branch in San Francisco.
The company also tried to enter the Japanese market. In December 2017 Huobi publicly expressed intention to run in the Country of the rising sun trading platform in collaboration with the Japanese investment group SBI Holdings. But the deal fell through because in March 2018 Japanese regulators tightened oversight of cryptocurrency exchanges.
In Brazil, home to 210 million people — half the entire population of South America, so we are talking about potentially giant market. While in Brazil from Huobi has no serious rivals. Local exchange Foxbit, BitcoinTrade and Mercado Bitcoin compared to the Huobi trading in a rather modest scale.
In legal terms, Brazil continues to be “the cryptocurrency Wild West.” In December 2017, the Central Bank and regulators looking over the circulation of securities, warned investors that virtual currencies are deprived of the official supervision and operations with them are risky.
Cryptocurrency market promise enormous revenues, and Huobi is not the only exchange, originally created in China, now covering most other countries. In recent months, Binance and OKEx decided to settle on the island of Malta, whose government actively support cryptocurrency projects. Bitfinex, in turn, has announced plans to open an office in Switzerland.
According to the materials of Bitcoin Magazine