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Chinese cryptocurrency exchange confirms expansion to Brazil



Huobi, a Chinese cryptocurrency exchange, recently confirmed that it is expanding its operations to Brazil. The exchange has set up an office in the country’s capital city Sao Paulo and is currently busy promoting itself in the country and also is looking for regional staff via LinkedIn for positions such as Digital Marketing Manager and Chief Compliance Officer.

The Singapore-based firm wants the Chief Compliance Officer to monitor the operations of the company and identify illicit activities and irregularities that may arise. In its appointment ad on the social media network, Huobi says that the role of a Digital Marketing Manager will be to contribute to the development of the exchange in Brazil.

Huobi To Start Operations By The End Of 2018

According to reports, the executives from the company were cited sharing name cards with well-known big names in the city at a local event, VI Bitconf. The event is a cryptocurrency conference held in the Brazilian capital. According to reports, the Chinese cryptocurrency platform will start its operations in Brazil by the end of this year.

The effort is an integral part of the global expansion process of Huobi after the Chinese government put a ban on crypto trading last autumn. Since then the exchange has shifted its attention to overseas business and has now relocated its headquarters to Singapore.

Huobi Ventures Into U.S. & Canadian Market

Huobi is also trying to achieve a major breakthrough in the U.S. market and in March this year registered as a money services business with Fincen, the financial regulator of America prior to rolling out its crypto-to-crypto trading plan. A recent report also suggests that Huobi has already started its services in the Canadian market, albeit the process is still in its early stages. According to the general manager of Huobi in Canada, Ross Zhang, ”Establishing Huobi’s first Canadian offices in Toronto is a continued effort to help the blockchain industry become more credible so that mass adoption can come sooner.”

The current statistics show that the total market cap of the Huobi Token is $190.16 million and in the last 24 hours, $80.66 million of Huobi Tokens were traded. The Huobi Token traded 1.8% lower against the US dollar yesteday.