Crypto exchange Huobi Global has been granted approval to operate in Australia after successfully registering with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The Seychelles-based exchange can now offer trading services in the country according to a recent tweet from the company.
Huobi has been expanding its global footprint for some time. In June, the company received its license to operate in New Zealand after registering with the country’s financial services provider.
In May, Huobi bought Latin American (LatAm) crypto-exchange Bitex to reinforce its LatAm presence and re-enter the US market.
Huobi’s co-founder Du Jun said: “I expect asset management to be a bigger business than an exchange, which echoes the traditional finance market as well. I don’t think an exchange is a necessary element for entering the US.”
In recent news amid global expansion, the company may have to decrease its workforce by 30% following a considerable drop in revenue after China implemented its blanket ban on crypto trading last year.