Huobi-Branded Crypto Exchange Launches for Malaysian Market

There's now an additional cryptocurrency exchange serving the Malaysian market, after a new Huobi-linked platform announced its launch Friday.

• Huobi Labuan said in an emailed press release it aims to provide users in the nation with a "safe and regulated" platform for trading cryptocurrencies.
• The exchange received a digital asset trading brokerage service license from "Malaysian authorities" in September for a nine-month trial period of operation, according to the release.
• Responding to a question from CoinDesk, a representative detailed that the Labuan Financial Services Authority issued the license.
• Under the license, Huobi Labuan is permitted to provide spot and derivatives trading services in Malaysia.
• The exchange will initially support over a dozen different crypto assets including bitcoin, ether, EOS and Huobi's own HT token. After the trial period, more cryptocurrencies can be added.
• The crypto exchange has been set up as a "local operating partner" of Huobi Cloud – a scheme allowing "vetted partners" to launch exchanges leveraging Huobi’s trading technology and digital asset infrastructure.
• CoinDesk reached out for further details on who the partner entity is.
• Huobi Global is the world's second-largest cryptocurrency spot exchange by volume, according to CoinMarketCap.

Update (Nov. 28, 9:54 UTC): Added regulating authority.

See also: Libra Plans Dollar-Pegged Stablecoin Launch in January 2021: Report