Huobi exchange, the Hong-Kong based company has found its way back to the US after acquiring a trust license from the Nevada Financial Institutions Division for its solely-owned subsidiary Huobi Trust Company. According to Huobi Technology Holding Limited in its filing with the Hong Kong Stock Exchange:
“The board (the “Board”) of directors (the “Director(s)”) of the Company is pleased to announce that Huobi Trust Company (the “Huobi Trust”), a company incorporated in the State of Nevada, the United States and an indirectly wholly-owned subsidiary of the Company, was recently issued with a Trust Company License by the Financial Institutions Division of the Department of Business and Industry in Nevada, the United States, to engage in the trust company business within the meaning of Chapter 669 of the Nevada Revised Statutes and the rules and regulations thereunder.”
It further said that the Huobi Trust did not start the facilities of such trust services yet and suggested the investors and shareholders to be vigilant while dealing with the shares of the company.
Huobi US (HBUS) had to close its functioning in the US because of regulatory issues in 2019. But now, the Huobi Group plans to operate in conformity with the regulations and desires to issue its regulated financial products in the country where the freshly obtained license will assist in it. In early 2021, the group plans to provide compliance and custodial facilities in the US market.
Chief trust office to head Huobi
Recently, as per the reports, the Huobi exchange is planned to be headed by Simon Collier, its chief trust office. Simon Collier has been the global head of wealth solutions and contracts project director at HSBC in Hong Kong for about seven years.
Huobi may have to be extra careful with regards to compliance with regulations because of cryptocurrency businesses being under strict surveillance by the regulators in the US.