Hong Kong-based Huobi Group, the operator of China’s largest cryptocurrency exchange, has chosen Singapore as its regional headquarters while deciding on a different location for its European headquarters. Using WeChat, a Huobi official confirmed that the headquarters would supervise activities in Southeast Asia but declined to comment on whether this is the sole region covered by the office’s jurisdiction. Following a recent shift in focus away from its original home of Beijing, co-founder Du Jun said that the company had chosen Singapore as its new headquarters.
Huobi has relocated a significant portion of its personnel to its Singapore office.
Since May, when the Chinese government declared a crackdown on cryptocurrency trading, Huobi has relocated a significant portion of its personnel to its Singapore office. Similarly, Huobi reported that Du had moved to the city-state, but the other co-founder, Leon Li, had remained in China. According to reports, the Chinese government has placed limits on Li’s movement over the border. Du said Huobi intends to establish a second regional headquarters in either the United Kingdom or France next year. As part of its compliance with Chinese rules, the company has stated that it will offload all Chinese customers by the end of the year.
The tech group has formed a subsidiary to serve its domestic customers.
Based on a filing document with Singapore’s Accounting and Corporate Regulatory Authority, Li holds a controlling stake in Huobi International Pte., which was established in August of this year and had its main headquarters in Singapore. Huobi Tech, a Hong Kong company that is also founded by Li but is a separate entity, has formed a subsidiary, Huobi Singapore, to serve its domestic customers.