Recently licensed by Japan's FSA, the Huobi Global exchange continues to be profitable despite the bearish crypto market. Read more to find out how.
The devastating drop in cryptocurrency prices these past months has caused plenty of crypto and blockchain companies to either swallow a loss or simply fold.
However, Huobi Global—once the biggest crypto exchange platform in China—remains secure. Despite the bearish sentiment on the crypto market, the company claimed to still make profits.
How is Huobi still in the green? By spending wisely, the exchange’s chief executive said.
Huobi Global CEO Livio Weng revealed that his company dropped 100 names off its books, leaving the Huobi team only 1,300-men strong.
Reports also showed that the company laid off employees from its other businesses, including most of the team behind the Huobi Info news application.
While a huge factor, these cost-cutting measures were not the only ones that helped Huobi in the bear market. For one, Huobi’s newly launched futures trading platform serviced trades worth US$20 billion in just one month.
In addition, Weng explained that the moneymaking Huobi exchange has a huge edge over its competitors—“licenses in all major countries… the only one among top global exchanges.”
New Japanese License
While other huge names like Binance avoided regulated regions like the United States, Huobi prioritized cooperation with regulatory bodies.
Currently, the platform for trading Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and other digital tokens is licensed in some key markets in the scene, including the US, Europe, and, just recently, Japan.
The financial service provider Huobi Group—not to be confused with Huobi Global—notified its clients that it has started offering regulated crypto exchange services to token holders in the Land of the Rising Sun.
By merging with BitTrade, Huobi Japan has now become one of the first 17 license holders regulated by the Japanese Financial Services Agency.
Haiteng Chen, Huobi Japan CEO, said:
“We are extremely pleased to once again be offering our services to the Japanese trading public. We’re looking to continue to grow our presence here while offering top-notch digital asset trading services in Japan.”
Crypto traders in Japan can start exchanging their tokens on Huobi Japan for BTC, ETH, Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and the local favorite Monacoin (MONA).
These token holders can be assured that their funds are safe because of Huobi Japan’s security features, which include a round-the-clock operations team and an A+ ranked SSL certification, among others.
| Related: Here’s How These 5 Big Crypto Mining Firms Reacted to Devastating Bear Market