Huobi veers into Canada with Money Services Business [MSB] License

Sahana Kiran
Source – Unsplash

Crypto has attained the boost it had been yearning for over the years. Despite the unruly bear market, crypto exchanges did not put a hold on their expansion plans. While an array of them incurred immense loss, a few prominent ones like Binance,, and Coinbase persisted in their expansion spree. Huobi seems to have just joined this list with its latest announcement.

Earlier today, it was brought to light that Huobi Technology Holdings Limited’s subsidiary Hbit Technologies Limited had managed to bag a Money Services Business [MSB] Registration License from Canada’s Financial Transactions and Reports Analysis Centre [FINTRAC].

With this license, the firm can carry out several regulated activities. This includes cryptocurrency dealing in Canada, money transfers, and foreign exchange dealings.

It should be noted that in 2021, Huobi categorized Canada as a restricted jurisdiction. The country joined others like Japan, Singapore, Iran, and others on the list. More recently, New Zealand was also considered to be a restricted jurisdiction. The firm had previously stated,

“Huobi Global has always been dedicated to offering digital asset trading services for users while following all applicable laws. To comply with the laws of Canada, we will have to include Canada as a restricted jurisdiction.”

Hurt but not lost; Is Huobi making a comeback?

Over the last couple of months, there have been many discussions about Huobi. From Thai regulators ousting the crypto exchange to its recent fallout in New Zealand, the crypto exchange has been under the spotlight.

In addition, rumors of Huobi Group’s founder Leon Li selling off a prominent part of his stake appeared detrimental. Several began speculating that the platform would follow the footsteps of its counterparts and succumb.

However, with the latest news, the firms seemed to be back on track, hoping to make a debut in several other markets as well.