The Chinese cryptocurrency exchange Huobi confirmed the start of trading on its new Australian platform, which began today, July 5.
According to Coinmarketcap, crypto exchange is currently in fourth place, while the daily volume of trading on the platform is $713 million.
In the statement, Huobi mentions that trading pairs will be introduced in stages throughout the day on Thursday, from 10am, according to Sydney’s time. First, traders will be offered ten pairs with the Australian dollar, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ethereum Classic. The Exchange added in its announcement:
“In the future, Huobi Australia will support more trading pairs for all users.”
Last week, crypto exchange also unveiled the opening of its office in London to serve the European market. Huobi’s expansion to foreign markets coincides with the promotion of most major exchanges that seek to globalize their investor base.
Binance, currently the largest exchange in the world with a daily trading volume of about $1.3 billion, moved to Malta, which also contributed to a closer interaction of the platform with European users. The leader of the US market, Coinbase also plans to create a special office in Japan.
Like Japan, Australia imposes stringent requirements on companies providing storage and exchange of cryptocurrencies, however, the approach of the country’s authorities to regulation has been criticized more than once this year and earlier.
It seems that the current landscape isn’t the most favorable, but Huobi also plans to contribute to expanding the adoption of blockchain by the local economy through its investment subsidiary Huobi Capital and its global fund of a global ecosystem worth $200 million.
Adrian Harrison, CEO of Huobi Australia CEO, said:
“Crypto traders in Australia are becoming more knowledgeable and sophisticated, which contributes to the susceptibility of the regulator who is interested in the safe development of the market. For the Huobi Group, starting work in Australia is natural. We are committed to partnering with a growing number of Australian blockchain projects that want to participate in the maturation of the market.”
Recall that Huobi should stop offering trading services to investors who live in Japan already this month.