Cryptocurrency exchange Huobi goes international as it ends digital asset to yuan trading
Cryptocurrency exchange Huobi has announced the launch of its international trading platform, Huobi.pro, as it advances to exercise full cessation of all digital assets against the yuan's trading business today, October 31.
According to the official release, the new platform has added support for Tether (USDT) and its markets are open for BTC/USDT, ETH/USDT, and LTC/USDT trading.
“Issued on the Bitcoin blockchain via the Omni Layer Protocol, each USDT is backed by a U.S. Dollar held in the reserve holdings of Tether.to, the first blockchain-enabled platform to facilitate the use of fiat currencies,” Huobi said.
The startup said that with China’s ban on cryptocurrency trading going into effect on October 31, it has added new offices in Hong Kong and Singapore to continue its exchange service and expand into global markets.
In a blog post, Huobi founder Leon Li said that after officially receiving notices and guidance from the central bank on September 15, the company terminated services including registration and RMB recharge the same day. He said:
“[On] Oct. 31, Huobi China exercises full cessation of all digital assets against the yuan's trading business from 24:00, GMT+8.”
Li further said that Huobi will continue to actively and globally participate in the development of the cryptocurrency industry. As of now, its global businesses include Huobi Professional, Huobi Korea, Huobi China, Huobi Wallet, and Huobi Exchange.
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