Major crypto exchange platform Huobi has reportedly disclosed details of a new exchange under its name, operating in Malaysia and goes by the name “Huobi Labuan”.
Specifically, the new Malay-based entity of Huobi will reportedly crypto spot and derivatives trading features, with a pilot phase that lasts for 9 months initially.
The new platform, which reportedly has a goal of catering to the local demographic of Malaysia, will make its trading services available, following the previously obtained a license for functioning a crypto asset trading brokerage service, from the Malay government in September this year.
For an initial nine-month trial period, the new platform will reportedly have the ability to provide crypto spot and derivatives trading for numerous digital coins, including Bitcoin (BTC), Ether (ETH), EOS and Huobi’s native token.
infrastructure-wise, Huobi Labuan will reportedly function as an operating entity in Malaysia of Huobi Cloud, and consequently utilize Huobi’s established trading tech for its local digital transaction brokerage services.
Labuan is reportedly the newest development of a wide range of licensed Huobi platforms or subsidiaries, with establishments across Thailand, the US, through its strategic partners, nominally HBUS, Argentina and Turkey.