According to Cointelegraph, after ceasing operations in the U.S. in 2019, Huobi appears to be interested in opening a trust company business in the country. Trusts are companies tasked with managing assets for a group of owners or investors. Grayscale’s trusts use this structure to offer cryptocurrency exposure within traditional markets.
According to a Dec. 22 announcement by Huobi Technology Holdings, the company’s Nevada-incorporated business Huobi Trust has received a Trust Company License from the Financial Institutions Division of the Department of Business and Industry in Nevada.
Executive director of Huobi, Lan Jianzhong stated that Huobi Trust has not yet started providing any related trust services. “Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company,” Jianzhong said in the announcement.
In December 2019, Huobi US, or HBUS, the operator of United States-based crypto exchange Huobi, officially ceased operations. The move came right after Huobi Global announced that it would freeze all U.S. client accounts by mid-November. The exchange stated that the event was caused by issues related to American regulatory ecosystem.
The exchange has been putting effort into tapping new markets all over the world in the last few years. In November 2020, Huobi Global, Huobi Group’s flagship crypto exchange headquartered in Singapore, announced a new entity Huobi Labuan to launch trading services in Malaysia. In August, Huobi announced a wide array of measures to extend its presence in Russia.