Huobi Gains Regulatory Status: Implications

Date : 12/06/2018 @ 5:49PM
Source :ADVFN Crypto NewsWire
Stock : HuobiPoolToken (HPTUSD)
Quote : 0.01265684  0.00013674 (1.09%) @ 1:06PM

Huobi Gains Regulatory Status: Implications

Bitcoin Global News (BGN)

December 06, 2018 -- ADVFN Crypto NewsWire -- Right now, Huobi is the third largest cryptocurrency exchange by daily trading volume, according to Coinmarketcap and Cointelegraph. What may or may not be surprising to you is that they have achieved this status without being officially regulated.

As of yesterday, reportedly, that is about to change significantly. According to an article released today by Cointelegraph, not only has Huobi received an official crypto exchange license from Gibraltar, they plan to use this to fuel their efforts to rival Coinbase and Binance in terms of overall adoption.

More specifically as of now, Huobi users do not have any sort of easy fiat on-ramp. In most cases, they end up using Tether to enter the exchange which is a shaky proposition at best, due to the coin’s history. Now it appears that they plan to release a new platform for both institutions and consumers that could end this reliance in the first half of 2019. In truth, this may start with the full integration of HBUS with the true Huobi platform, given that the former is a separate company serving United States customers at this point. With this, it is logical to add that improving upon an existing offering is of course, usually far cheaper than creating an entirely new one.

In the end, since this news has just broken in the last 24 hours, only waiting out this year’s final quarter will reveal Huobi’s specific course of action. Whatever the case, it is looking more and more likely that 2019 will include even fiercer competition between all crypto exchanges, old and new. If there is one factor that all exchanges will continue to share, it is that any chance they have of long-term success will depend on future crypto regulations.



By: BGN Editorial Staff

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