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Cryptocurrency Exchange Huobi Sets up Base in São Paulo, Brazil

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China-based cryptocurrency exchange Huobi has revealed that it is setting up shop in Brazil. The news came to light when a Brazilian news portal stated that executives from the exchange were distributing visiting cards at a local industry event and talking to renowned figures.

According to a report in Coindesk, Huobi has apparently set up an office in a co-working space in the country’s capital São Paulo and is also looking to hire local staff trough LinkedIn. The job posts mostly include digital compliance officer and digital market manager.

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This development is not as surprising as one may believe. Last month, Crypto-News India had reported that People’s Bank of China (PBoC), had reiterated its hardline approach towards cryptos, Initial Coin Offerings (ICO) and exchanges.

The statement came as part of a joint statement given by many regulators in Beijing at a news conference. During the conference, PBoC had said, “it will “continue to fend off risks from internet financing” and “all platforms offering initial coin offering (ICOs) and bitcoin exchanges have been safely closed down.”

The central bank of China had also said in its statement that its regulations have managed to “partly reduce” the risk of illegal financing in China, but the situation still remains “severe”. According to statement China’s Supreme Court also feels that illegal fundraising harms national markets and financial stability of country.

Earlier in March, Huobi had registered its United States operations as a money services business with the country’s financial regulator Fincen ahead of a planned roll-out of crypto-to-crypto trading.

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