Huobi’s U.S.-based operation has registered with the U.S. government as a money services business ahead of a planned rollout of crypto-to-crypto trading this spring.
According to the U.S. regulator’s database, HBUS Inc. is registered with the Financial Crimes Enforcement. In January the company announced that it was opening an office in San Francisco to serve as a hub for American market.
The chief executive and founder of Huobi Group Li Lin proved the plan for a May launch through a WeChat announcement. He predicted a new crypto-only exchange platform specifically for U.S. investors that will be separate from Huobi’s existing crypto-to-crypto platform, Huobi Pro.
In his statement Li admitted that registering with U.S. financial watchdog won’t solve all the problems coming from U.S.
Li referred to the U.S. based exchange saying:
“The issue is, currently there is no clear regulatory requirement for crypto-to-crypto trading platforms from the U.S. at the federal level. Other platforms like Poloniex also operate in a similar way with registration as a money service business.”
Also he said he believes the U.S. Securities and Exchange Commission could weigh in on the issue of crypto-to-crypto trading in the U.S. He added that Huobi would comply with that guidance.