Huobi, a major cryptocurrency exchange based in China has recently made an announcement about its relocation. The exchange has announced that it has plans of relocating to a different region.
Huobi Relocates to the Caribbean
The exchange officials have revealed that they are relocating to a different territory. According to the exchange’s update, they are relocating to the Caribbean.
The exchange has revealed that it has multiple jurisdictions in consideration but for now, they are set on one particular location. The officials have hinted that they may be relocating to the Dominican Republic.
The reports confirm that the first relocation candidate for the exchange would be the Dominican Republic.
There had been rumors for a while about the exchange’s attempt of moving to a different location. There were also claims that the exchange was in the process of laying off a large number of its employees.
The exchange officials turned down the claims about the exchange laying off employees. As per the officials, they had no plans of laying off their employees.
Instead, they had plans for adding new employees to their offices and expanding their business.
However, the exchange has confirmed that they are planning to relocate. This eventually means that the exchange would lay off the employees they currently have employed in China.
It is highly unlikely that the exchange would move all of its employees to a new location that is not within the Chinese jurisdiction at all.
The reason behind Huobi’s Movement
The officials at the Huobi exchange have also revealed the reason behind their relocation to the Caribbean.
They have revealed that it is because of the super-friendly nature of the region towards cryptocurrencies they have decided to make the decision.
In addition to being friendly, the particular region also has systems that support common law. Most importantly, the region is very much adapted to the English language.
As communicated by the officials, their first choice is the Dominican Republic. Within the particular region, they are considering either going to the Bahamas or Panama.
Revelation by a Huobi Representative
A representative from Huobi has revealed that they have already approached Roosevelt Skerrit, the Prime Minister of Dominica.
The representative confirmed that it was in 2021 when they already had a discussion with Skerrit about the possible relocation of their exchange.
As the exchange moves to Dominica, it would work to expand its business infrastructure to support cryptocurrencies.
The representative has revealed that the government of Dominica would help them grow their business in the particular region.
As of now, the Huobi exchange has offices in multiple countries such as the United States, Japan, South Korea, and Hong Kong. However, the exchange is now eager to relocate its headquarters.