Cryptocurrency exchange Huobi, a former ‘big three’ platform, is expanding the scope of its partnership with its Russian arm, which claims it has been operating independently since 2018. The exchange has also named Vladimir Demin, the CEO of Huobi Russia, as the chief advisor of Huobi Global to help fill a void in Russia’s cryptocurrency industry.
Huobi was the first major crypto platform to have a physical presence in the country after it opened an office in Moscow two years ago to train local blockchain talent. It also established a Russian-language call center, though it says the local partner retains ‘the privilege rights’ to develop its own digital platforms according to the country’s regulations.
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Russian users are also able to utilise the technologies and liquidity of Huobi Global to buy cryptocurrency in roubles using the exchange’s OTC service.
“The market opportunities in Russia for crypto and blockchain are huge and I think that the experience, technology and approach of Huobi will help us to develop unique products highly demanded in Russia and in the whole world,” said Vladimir Demin.
To attract as many new users as possible, Huobi Global will offer a number of benefits to clients of Huobi Russia, now providing them with an easy one-click-migration option on site, along with the campaign brand upgrade. So, now Huobi is stepping in aggressively.
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Houbi’s move comes barely a few weeks after Russia’s bill to regulate cryptocurrencies had been signed by President Vladimir Putin. The new law provides the regulatory framework of digital financial asset (DFA) transactions and gives legal status to cryptocurrency, though it prohibits its use as a means of payment.
“We are positively impressed with the crypto market in Russia and thanks to our Russian partner we have built a strong leadership position on the market. I am absolutely sure that we will keep developing the market in Russia for a very long time,” added Demin.
Huobi has also revealed plans to relaunch its operations in the US, nearly four months after a sudden decision to go offline and reshape itself, according to US regulations.
Huobi is originally from China, but after outstaying its welcome there, it opened offices in Hong Kong, South Korea, and Singapore. Despite regulatory uncertainty, the firm has made inroads into the U.S. through a mutual rebranding with its exclusive US strategic partner HBUS.
Furthermore, the exchange has been expanding aggressively into trading services in many other jurisdictions around the world, including Argentina, Russia, Korea, as well as setting up an office in London.
In addition to local branches, such as Huobi Argentina and Huobi (US), the exchange serves much of the rest of the world through its flagship exchange platform, Huobi Global.