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Crypto exchange HUOBI GLOBAL on Wednesday said it has received a money services businesses (MSB) license from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). The license allows the crypto exchange to conduct foreign exchange and money transfer operations across the country, except in Quebec. Also, it will further allow Huobi to expand services into traditional finance.
Huobi Aggressively Expands its Global Presence
Huobi Global announces in a tweet on July 13 regarding obtaining an MSB license in Canada. This marks the third financial license for the crypto exchange in a month. Huobi has secured the DIFC license in Dubai and registered with New Zealand’s Financial Services Provider Register.
“This MSB license allows Huobi Group to conduct crypto business in Canada (excl. Quebec) including OTC bus (fiat to cryptocurrency), crypto to crypto exchange, and local promotional events. It also provides Huobi Global the ability to link within the fiat currency ecosystem.”
The money services business (MSBs) license is required by a firm to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. It helps prevent money laundering and terrorist activity financing in Canada.
