Crypto Exchange Huobi Confirms Move Into Brazilian Market

May 31, 2018 2:56 pm Published by

Major cryptocurrency exchange Huobi will set up an office in Brazil, CoinDesk reported Thursday.

News of the Brazilian move spread when a Brazilian cryptocurrency news source reported Huobi executives were seen distributing name cards at a local industry event as well as talking to well-known figures, the report said.

Additional reports further suggested Huobi has set up an office in a co-working space in the country’s capital São Paulo and is using LinkedIn to hire local staff, including posting staff positions such as chief compliance officer and digital market manager, CoinDesk reported.

CoinDesk reported a representative from Huobi Group confirmed the company’s intent to enter the Brazilian market, but declined to disclose additional details when the branch would launch in the South American country.

The effort marks another step in Huobi’s plans for global expansion, the report said. Following China’s crypto trading ban last autumn, CoinDesk reported, the exchange has shifted its business focus overseas – including the relocation of its headquarters to Singapore., Jack Durschlag

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