Huobi Labuan, a crypto exchange for the Malaysian market was launched on Friday. The platform is said to provide its users with a safe and regulated way to trade cryptocurrencies. In September, the exchange was granted its digital asset trading brokerage service license from “Malaysian authorities” for a nine-month trial operation.
The exchange has permission to provide spot and derivatives trading services in Malaysia. It currently supports cryptocurrencies like BTC, BCH, ETH, ETC, EOS, and HT. More digital assets will be added after the completion of its trial operation period.
Huobi Labuan will be providing trading services in Malaysia as a local operating partner of Huobi Cloud. This allows vetted partners to launch digital asset exchanges leveraging Huobi’s existing trading technology and digital asset infrastructure.
Houbi Global is a cryptocurrency exchange based in Singapore. It was founded in China by Leon Li in 2013. It holds offices in Hong Kong, South Korea, Japan, and the United States. It is the second-largest cryptocurrency exchange in terms of the daily trading volume. The exchange has a total market cap of $523,167,265,303 according to recent data by Coinmarketcap.
Recently, the exchange has experienced massive USDT exchange deposits and BTC withdrawals in its platform. But in an issued statement, the Singapore-based exchange remains to be optimistic over the issue.
“We have noticed that recent events have sparked inquiries and speculation from some users. We are currently operating normally, user assets are safe, and trading, deposits, and withdrawals are operating as expected.'”
With the launching of its Malaysian local brand, the exchange will continue to expand its services worldwide.
Crypto exchanges have been bracing the headlines for the past few weeks. OKEx has topped the list after the suspension of its withdrawals for more than a month. Binance was also embroiled in a controversy after filing a defamation lawsuit against Forbes and its two journalists. Recently, Kucoin has suffered huge losses after a major security breach. But in every story, there always one that comes with a good ending. And Huobi’s story could be one.