- Justin Sun’s Huobi Global applied for a crypto trading license in Hong Kong, the platform is ready to launch its new exchange.
- Huobi Hong Kong will be fully compliant with local regulations and offer a range of trading pairs and services to customers.
- Huobi exchange’s native token HT started a massive rally, this could trigger a comeback in exchange tokens in the short-term.
Justin Sun’s cryptocurrency exchange platform Huobi Global applied for a crypto trading license in Hong Kong, alongside other exchanges Gate.io, OKX and Bitget. This marks a major step for the crypto exchange and its commitment to operating in a compliant and regulated manner.
Huobi’s application for license and the announcement of a Hong Kong exchange has triggered a massive rally in its native token. Huobi Token’s (HT) price rally could lead a comeback in exchange tokens in the short-term.
Also read: Here’s why Chinese coins Filecoin, NEO, Conflux, VeChain are yielding massive gains
Justin Sun’s Huobi applies for license to operate in Hong Kong, alongside top crypto exchanges
Justin Sun, advisor at Huobi Global announced the exchange’s plan to open Huobi Hong Kong and operate in a regulated and compliant manner. The exchange platform has applied for a license to operate in Hong Kong, alongside other cryptocurrency exchanges Gate.io, OKX, and Bitget.
Big news for crypto today: @HuobiGlobal has announced that it's applying for a crypto trading license in Hong Kong! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
Sun said that the new exchange will focus on providing trading services for institutional investors and high net worth individuals in Hong Kong. It positions Huobi as a trusted and secure platform for larger investors in Asia who are looking to enter the crypto market.
The announcement triggered a massive rally in the exchange’s native token Huobi Token (HT). HT price rallied 16.5% since February 20. Interestingly, the beginning of February 2023 was marked by double-digit rallies in native tokens of exchanges and HT’s rally could lead a recovery.
As more exchanges pile in their applications for licensed operations in Hong Kong, it could fuel a bullish narrative among holders of their native tokens and trigger a recovery in prices. The chart below shows the top-performing exchange tokens.
Crypto exchange’s native tokens
As the China narrative gains popularity with Hong Kong’s embrace of cryptocurrency trading and legalization, traders could expect a recovery rally in native tokens of exchanges like HT, OKB and BNB.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.