Huobi Global Reviews for May 2024

Huobi crypto exchange aims to expand to Hong Kong amid regulatory changes. The cryptocurrency exchange recently cut 20% of its staff, but now it will increase its personnel in Hong Kong from 50 to 200. Cryptocurrency exchange Huobi Global is seeking a license in Hong Kong as the Chinese special administrative region considers new licensing and regulatory moves that would allow it to serve retail customers. The new framework, which requires crypto exchanges to register with the Hong Kong Securities and Futures Commission (SFC), would allow the exchange to expand its services to the city. Huobi also plans to open a new exchange named Huobi Hong Kong that would concentrate on institutional and high-net-worth individuals, according to a Twitter thread by Justin Sun. The SFC recently opened the new Hong Kong licensing proposals for public comment, with the new regime to go into effect in June. News of the expected changes led to financial services providers lining up to take part in the new, expanded system in December.

Huobi, Poloniex announced strategic partnership despite initial denials of a merger. The exchanges will cooperate progressively in HT coin development, liquidity sharing and global compliance, plus Huobi will monitor Poloniex for new projects to list. Huobi and Poloniex announced a strategic partnership on Nov. 30. Reports of a planned merger of the two cryptocurrency exchanges emerged and were denied last week. The two exchanges will “progressively cooperate” on Huobi’s HT coin ecosystem development, connectivity, liquidity sharing and global compliance. Beginning in December, the Huobi Advisory Board will make a monthly evaluation of all Poloniex projects, with top performers potentially directly listed on Huobi, the exchange stated. Talk of a merger began with a tweet from Wu Blockchain. Poloniex is by far the larger of the two exchanges. It is not available to U.S. users.

The Huobi cryptocurrency exchange was one of the first exchanges where I registered to buy and sell cryptocurrencies. It has been working for far from the first year, and its peculiarity is that it is really loyal to beginners. I registered on the official website easily and without unnecessary difficulties, I was not required to provide additional documents. If, of course, you want to increase the withdrawal limit, then you need to go through verification and provide documents, but for now I can do without it.

I honestly can't figure out what people do to the Huobi Global support team that forces them to "ignore" their tickets or whatever. In my two years of trading on that platform, I have never encountered any problems with the support team, withdrawals, network freeze-up, etc. Everything always works smoothly and accurately as a Swiss watch. I reckon that the negativity comes from the loud-mouthed guys who just need some attention.

Being bought and sold online frequently alongside other digital assets, NFTs are now becoming an increasingly popular way to buy and sell digital artwork. As one the world’s leading digital asset exchanges, Huobi Global is constantly on the lookout for high-quality NFT assets that will be well-received by collectors. NFT tokens that have been listed on the Huobi platform include: AXS, MANA, GALA, MATIC, LUNA, THETA, SAND, FLOW, CHZ, APE, etc.

Huobi Live will open up a new channel for influencers and content creators to engage both existing and new followers. Influencers and content creators will be able to set up their own channels, grow their audiences and even reward viewers with incentives. Within the Huobi ecosystem, content creators will be able to reach tens of millions of users and followers on multiple channels. Huobi Live will work closely with content creators to grow their audiences and produce quality content. Huobi Live also plans to incentivize creators by rewarding them with up to 60% of trading fees incurred by new users they refer to the Huobi Global platform.

Huobi Global, one of the world’s leading digital asset exchanges, has announced the launch of Huobi Live, an integrated livestreaming platform on the Huobi Global app. To kick off the launch, Huobi Live will hold its inaugural streaming session on Monday, March 28, 2022, at noon UTC. Huobi Live is designed to increase engagement both within and beyond the Huobi Global community by delivering thoughtful, curated commentary on market and investment trends. Livestreamed content on Huobi Live will consist of a mix of official shows hosted by Huobi experts and informal sessions hosted by an ecosystem of influencers. Select livestreaming sessions will be simultaneously streamed on the official Huobi Global YouTube and TikTok channels.

Huobi Global, one of the world’s leading digital asset exchanges, today announced the launch of CandyDrop, a new program that rewards users with a chance to win free token airdrops. Huobi Global is rolling out the program to incentivize active traders and broaden their exposure to a wider range of assets. To be eligible for CandyDrop events, users will need to have at least 100 USDT in average daily spot trading volume for the three days preceding event registration. Once registered, users will be entered into a lucky draw for a chance to win an equal share of the total token airdrop prize pool. “As we continue growing the Huobi ecosystem with new listings and partners, we’re always looking for ways to better engage and reward our users,” said Du Jun, Co-Founder of Huobi. “CandyDrop will create new profit opportunities for users while driving brand loyalty, benefiting both users and projects. We’re committed to building a vast digital asset ecosystem that’s inclusive and accessible to users all over the world.” Huobi’s previous events have proven popular among a vast number of investors, providing them with access to exciting new projects. The new CandyDrop program will enable users to win airdrops to newly listed tokens without requiring them to hold such tokens in advance. The tokens allocated to prize pools will vary by campaign. Some of the lucky users will be able to obtain more than one type of token during an event. CandyDrop events will be held up to five times a week, giving users plenty of opportunities to participate in the free token airdrops.

Huob seems to be placing its bets on Singapore, where it hopes to rebound after a rocky third quarter of 2021. Huobi Global announced it was exiting the country, opening a path for Huobi Singapore to make a compliant entrance. Users will have till March of next year to switch to the Huobi Singapore service, at which point their Global accounts will be closed. Singapore has been a safe haven for many of the industry’s largest players, leaning on a progressive regulatory environment, high quality of life, and a multi-cultural atmosphere for both English and Chinese speakers to feel at home.

Huobi to halt services in Singapore after China exit. All Huobi clients in Singapore should close active positions and withdraw their digital assets before March 31, 2022. Huobi Global, one of the world’s largest cryptocurrency exchanges by trading volumes, is winding down operations in Singapore shortly after exiting China. Huobi will have shut down accounts of all Singapore-based users by the end of March next year, the company officially announced late Tuesday. All Huobi clients based in Singapore should close active positions and withdraw their digital assets before March 31, 2022, Huobi said. The exchange will also gradually halt access to Huobi services in Singapore before March, the announcement notes. The move is part of an effort to comply with relevant regulations by local financial authorities, the firm said. According to Huobi’s user agreement, the company’s services are prohibited for persons located in the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, Crimea, Mainland China, Kyrgyzstan, the United Kingdom and others. “The company may suspend or terminate your account or use of the service, or the processing of any digital asset transaction, at any time if it determines in its sole discretion that you have violated this agreement or that its provision or your use of the service in your jurisdiction is unlawful,” the agreement reads.

Huobi will celebrate another year around the sun by sending a lucky user to space. Huobi Group, a major global blockchain company behind the world’s third-largest cryptocurrency exchange by trading volume, is celebrating its eighth birthday in a somewhat unusual way. The company will hold a series of events as part of its eighth-anniversary celebrations, including giveaway promotions and a space travel ticket, Huobi told to Cointelegraph on Wednesday. Huobi will hold a contest that will offer one lucky winner an experience to literally travel into space. All Huobi Global users across the world are eligible to participate in a free contest, but there are certain limitations. “There are still health requirements that have to be passed in order to go to space, but these details will be revealed at a later point,” Jeff Mei, director of global strategy at Huobi Group, told.

Is there anyone who still entrusts his crypto to Chinese exchanges? If there are such people, they should be barred from the crypto community indefinitely. Just kidding, but really, if you know some enthusiast who keeps on trading on a dump platform like Huobi Global, please do your best to convince him to migrate to another platform or he will lose his money sooner rather than later.

The National Securities Market Commission in Spain issued warnings on 12 entities for not being registered for investment services. Regulators around the world continue to keep the pressure fresh on crypto businesses. Spain’s National Securities Market Commission (CNMV) is the latest to issue a warning on several crypto- and financial market-related businesses for unregistered services. According to the official document, CNMV has issued warnings on 12 entities on Aug. 16 for not being registered in the corresponding registry of the commission. The listed entities, which include major crypto trading platforms such as Huobi and Bybit, are not authorized to provide investment services within Spain.

I have had a neutral stance on Chinese cryptocurrency exchanges in the past, but now, when the Chinese authoritarian government is starting a beef with the crypto community again, I reckon that it would be wise to opt for the trading platforms from Singapore or even some offshore zones. Right now, it is too risky to trust the platforms that could be shut down in an instant with your money.

Huobi's move follows a similar decision by crypto exchange OKEx, which resolved to dissolve its China-based entity in late June. Stakeholders in the Chinese firm that was founded to operate cryptocurrency exchange Huobi have resolved to dissolve the entity, according to publicly available records. The firm, Beijing Huobi Tianxia Network Technology Ltd., was established in late 2013 and is 70.52% owned by Li Lin, the founder and CEO of Huobi Group. It has 10 million yuan ($1 million) in registered capital and a total of five subsidiaries. Having passed the resolution in favor of dissolution on July 22, stakeholders will now proceed to deregister Beijing Huobi Tianxia within 45 days. Creditors are requested to declare their claims to the liquidation team, headed by Li, within the same time frame. “This is an entity that Huobi has registered in Beijing years ago, in the early stages of development," Huobi told Cointelegraph: "Because this entity has not had any business operations, it is unnecessary and has applied for cancellation.” As of the time of writing, the share price of Huboi Technology Ltd., also owned by Li and is a subsidiary of Huobi Group, has fallen by 21.88% during trading hours on July 27. Publicly available records also reveal that OKEx — which, like Huobi, relocated overseas following Beijing’s 2017 crackdown on crypto — also resolved to dissolve a China-based entity called Beijing Lekuda Network Technology Co., Ltd. on June 24. OKEx founder Mingxing Xu, also known as Star Xu, will oversee the liquidation and clearing process for the company. The dissolution of both entities comes amid a renewed period of government pressure on the cryptocurrency industry, with targets including its social media and internet presence, as well as mining sites. Bobby Lee, who operated China’s first crypto exchange BTCChina, recently voiced his fears that within 4 or 5 years, Beijing may make a move to ban cryptocurrency outright. In parallel, the development of a centralized, central-bank-issued digital yuan, the e-CNY, proceeds apace, as an explicit state rival to decentralized cryptocurrencies.

Huobi Global has introduced a 24-hour token withdrawal delay for all over-the-counter (OTC) trades. The decision strikes a blow to all Huobi users, some of whom will moreover be prevented from withdrawing their tokens for as long as 36 hours if the exchange's assessment system judges them to be at particularly high risk. Huobi has said the move forms part of its attempt to “gradually introduce a number of risk control strategies encompassing a larger section of users." It adds that it expects the delay to "effectively avoid user losses caused by the inflow of risky funds and protect the safety of users' assets." Notably, Huobi had been implementing a narrower version of this measure since August last year, when it first imposed a token withdrawal delay of up to 36 hours on specific, higher-risk users. The new, more comprehensive initiative seems to align squarely with Beijing's ongoing and multi-pronged crackdown on the country's cryptocurrency investors, which has recently targeted the mining sector, banking services and crypto's online footprint. In response to these restrictions, a large volume of crypto trading in the country has shifted to the OTC market, which is relatively unregulated and ensures that the transfer of fiat currency does not take place directly on exchanges' trading desks. High levels of activity on the OTC market during regulatory clampdowns are an established pattern in China: back in 2017, when Beijing first took action against crypto exchanges, investors had similarly adapted by making the shift to OTC trades. Huobi itself first rolled out its OTC service in Nov. 2017 amid a series of ever-tighter restrictions on crypto trading in the country.

I have come across some negative feedback about Huobi Global regarding the fact that the provider is domiciled in China, the support ignores the non-Chinese users and such. I wouldn't argue that these instances couldn't have occurred, but judging from my experience as a trader on Huobi Global, the exchange works seamlessly. In two years, I haven't come across any signs of incompetence, system malfunctions or withdrawal hiccups. So, when reading the complaints about Huobi Global, remember that there are many people who are satisfied with this exchange.

Please forgive me if I might seem bias, but I think that a non-Chinese trader should steer clear of cryptocurrency exchanges like Huobi Global. The reason lies not in its functionality or liquidity. It lies in the fact that Huobi Global operates in the Beijing jurisdiction. I wouldn't want to become collateral damage in case the Chinese authorities decide to pressurize local cryptocurrency exchanges into some actions that would hurt me as a trader. And we all know that the possibility of that is quite high.

I don't know if it just me, or does it happens to many people, but the support team of Huobi Global is as ignorant towards me as it gets. I have been trying to reach them for days regarding problems with the ETH withdrawal from my account, but just got the usual, "We'll get back to you as soon as possible with a solution." It took them ages to resolve this issue and reply to me. I suspect that there is some kind of discrimination of non-Asian users is going on at Huobi Global, though I wouldn't want to spread conspiracy theories.

I have been using Huobi during a certain period of my trading career, and I can say with all certainty that is was an exceptional experience. I had a couple of instances when the platform interface had unexpectedly defaulted to the Chinese language, which was a bit annoying. The range of crypto assets and tradable pairs is quite broad with 88 pairs for ETH alone, and more than 280 listed currencies. I saw the rumors circling around about Huobi being allegedly involved in wash trading, but that would be its only flaw.