HT Price Surges 24% After Huobi Registers Operations in Hong Kong
Huobi Token (HT) saw a significant 24% increase in price following news that Huobi is registering for operations in Hong Kong. This surge has brought HT to its highest level since December 2022.
On February 20, news emerged that Hong Kong is considering allowing individual investors to trade major cryptocurrencies. Shortly after, Huobi’s new owner, Justin Sun, revealed via Twitter that the exchange is applying for a license with the Hong Kong authorities and is planning to launch a new platform called Huobi Hong Kong.
Big news for crypto today: @HuobiGlobal has announced that it's applying for a crypto trading license in Hong Kong🇭🇰! This is a major step for the major cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner. 🇨🇳
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
In addition to the licensing news, Huobi is also launching a new exchange in Hong Kong, aptly named Huobi Hong Kong. The exchange will be fully compliant with local regulations and offer a range of trading pairs and services to customers.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 20, 2023
Following this announcement, the price of Huobi Token (HT) surged by 23.7% within 24 hours, reaching a peak of $6.33—its highest level since December.
HT Price Fluctuations Over the Past 7 Days
Screenshot from CoinMarketCap at 11:00 AM, February 21, 2023
Hong Kong has outlined plans to allow retail investors to trade Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies. This move is a significant step towards Hong Kong's goal of becoming a major cryptocurrency hub.
Hong Kong regulators are also in discussions to revise rules for cryptocurrency exchanges. SFC Chair Julia Leung stated that the regulations will adhere to the principle of "same business, same risks, same rules" to protect investors.
Meanwhile, Huobi plans to expand its operations despite recent challenges, including rumors of significant staff layoffs. On January 6, the exchange reduced its workforce by 20%, which led to a 6% drop in HT's price in the aftermath.
