Global crypto exchange Huobi Group is making a comeback to the US after a sudden departure a year ago.
In a statement made by Huobi Group founder and CEO, Leon Li, he emphasized that Huobi Trust Company, a subsidiary of Huobi Tech, has received a Trust license from the Nevada Financial Institutions Division.
The license will enable the company to offer surveillance and compliance services in the US market in early 2021. The move is part of Huobi Group’s efforts to launch state-regulated financial products and services.
A year ago, activities were stopped
Huobi US (HBUS), another legal entity associated with the Huobi Group, ceased operations in December 2019 due to regulatory concerns. The company said the departure should be the next step towards making its businesses more compliant with US laws and regulations.
The Singapore-based exchange has since been considering different ways to re-enter the US market. In April, Ciara Sun, global head of Huobi Group, stated that the exchange could work with a fully regulated brokerage firm in the US to run its nationwide business.
According to a press release shared with CoinDesk, Nevada-based Huobi Trust Company will be led by chief trust officer Simon Collier, who has served more than seven years as contract project director and head of global wealth solutions at HSBC in Hong Kong.