Hong Kong-based crypto exchange Huobi on Tuesday said its subsidiary HBIT Inc. has received the U.S. Financial Crimes Enforcement Bureau’s (FinCEN) Money Services Business Registration (MSB) license. The company will establish digital currency-related business in the U.S. as part of the strategic goals of globalization and compliance.
Huobi Receives the FinCEN’s MSB License
Wu Blockchain in a tweet on July 5 announced that HBIT, the brokerage business of Huobi Technology, has received the MSB license from the U.S. FinCEN.
The MSB license will enable the brokerage firm to conduct foreign exchange and money transfers across the U.S. Moreover, it ensures users get safe and compliant digital asset services in the U.S. In fact, the U.S. has maintained strict regulatory control and compliance when it comes to digital assets.
Since November 2021, the Huobi brokerage firm manages more than $430 million in transaction volume. The company currently provides services for institutions and high-net-worth individuals. The license will help further empower the development of the company’s virtual asset ecosystem.
Furthermore, the subsidiary has submitted applications for securities trading and automated trading services licenses with the Hong Kong Securities and Futures Commission. Huobi Technology’s subsidiaries have successfully managed portfolios with 100% digital assets. Licenses help companies to operate compliantly as a virtual asset trading platform in Hong Kong.
