- Huobi Global has verified the news of its plan to shift Caribbean.
- The platform has retweeted a post of Justin Sun.
Huobi Global, a cryptocurrency trading exchange platform came to justify the news that it is planning to shift the Caribbean. The news has been justified as Huobi Digital has retweeted a post by Justin Sun, a Chinese cryptocurrency entrepreneur and business executive who has also founded Tron.
— Huobi (@HuobiGlobal) November 2, 2022
In the Twitter post, Justin Sun revealed that one of his biggest aims is to shift to the Caribbean in order to have a crypto-friendly environment and Dominica. He also shared that the intention of Huobi Digital is to work closely with Dominica and to grow crypto infrastructure. This is not the first time when a platform is about to shift. Prior to this, FTX also shifted to the Bahamas from Hong Kong in 2021.
Huobi Global was founded in China in 2013, and is established in Seychelles. In October, it accepted to be drawn by the M&A fund of About Capital Management for an unrevealed amount.
This shift of the platform will motivate dozens of staffs at its Seychelles headquarters to shift to the Caribbean. Huobi wishes to have about 200 staffs in the Caribbean, Sun revealed. Currently, the company has almost 1,600 staffs. The shift will eventually make Huobi the recent massive crypto company which is shifting to the Caribbean.
The exchange always positions itself into the 10 biggest crypto exchanges in terms of daily trading volume, according to a data provided by the CoinMarketCap. Initially, it was placed on number two position but eventually fell as China banned crypto transactions in 2021.
Why Caribbean is so fascinating?
Sun has resigned from the position of Chief Executive Officer of Tron in order to take over as ambassador to the World Trade Organization of Grenada in 2021. He gave an interview to the Finanacial Times in which he revealed the reason of Caribbean being so fascinating. According to Sun, the region has super friendly crypto attitude along with use of english and general law-based legal system. Not only that, Dominica, Panama and the Bahamas were odds on favourite.
In October 2022, Tron agreed on an agreement with the government of Dominica. The agreement was to publish a national fan token to publicize the island’s heritage and tourism.The step will list the recent example of a crypto exchange shifting from Asia to the Caribbean in order to search a more obliging regulatory space.
Source: https://www.thecoinrepublic.com/2022/11/05/huobi-confirms-its-plan-to-shift-caribbean/