Huobi to Re-Open U.S. Markets After a Two-Year Hiatus

Chinese cryptocurrency exchange Huobi plans to relaunch in the US market more than two years after it ceased operations to comply with regulations.

According to CoinGecko, Huobi is one of the top 10 largest cryptocurrency exchanges in the world by trading volume.

For what it plans to do, Huobi may not set up an exchange, but instead focus on other areas, such as asset management, after making mistakes the first time around. However, Huobi’s co-founder, Du Jun, did not specify which business he would start first when he returned to the United States. In addition to its efforts in the United States, Huobi is looking at setting up headquarters in Europe.

The Seychelles-based cryptocurrency exchange could face competition from companies like Coinbase if it returns to the US market. Huobi opened its first cryptocurrency exchange in the United States in 2018. The following year, the firm announced that user accounts in the United States would be frozen and that it would return to the market “in a more integrated and effective manner”.

After several years of tough crypto legislation, Huobi deactivated the accounts of existing mainland Chinese users and chose Singapore as its Asia headquarters. According to the co-founder of Huobi, Huobi has lost about 30% of its revenue as a result of shutting down users in China. However, this has provided even more impetus for the organization to expand internationally.

In recent news, the co-founder of Huobi has predicted that bitcoin may not see a bull run until late 2024 or early 2025 if past price cycles are any indication. He noted that bitcoin is closely linked to a process called bull halving, which occurs every few years. The next halving will be in 2024, when Dew thinks that another bull run on Bitcoin could happen.

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