Crypto exchange Huobi says its brokerage subsidiary has received the Money Services Business Registration License (MSB) from the US Financial Crimes Enforcement Network (FinCEN).
In a statement, the Seychelles-based crypto exchange says the license will allow HBIT Inc to provide foreign exchange and money transfer services in the US.
Authorities require MSB registration to prevent illicit financial activities such as money laundering and terrorist financing.
“This is another progress in the compliance process of Huobi Technology, creating a good compliance foundation for the company to carry out digital currency-related business in the United States in the future, so as to further achieve the strategic goals of globalization and compliance.”
Huobi says it also aims to expand its digital asset services to the US market.
“In the future, Huobi Technology is expected to further provide safe and compliant digital asset services for users in the United States, and consolidate the momentum of international business expansion.”
Huobi is one of the leading crypto exchanges with $917,096,287 in trading volume over the past 24 hours, according to crypto data aggregator CoinGecko.
It ranks 6th based on the Trust Score, which factors in a range of metrics including liquidity, trading activity, cybersecurity and technical expertise.
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