Huobi Exchange Announces Plans to Expand Activities in Russia

As part of its Russian expansion plans, the crypto exchange giant Huobi Global appointed Vladimir Demin as its chief advisor.

August 22, 2020 | AtoZ Markets – Seychelles-based exchange Huobi Global appointed Vladimir Demin as the company’s chief advisor as part of its Russian expansion plans. He will help develop the company’s market in the region. According to the announcement, he had previously served as partner and CEO of Huobi Russia.

Demin believes that market opportunities in Russia for both crypto and blockchain are massive. He hopes to help Huobi expand the high demand for crypto products in the country. Huobi Russia’s trading volume reached almost 10% of the total volume of the crypto exchange. 

Huobi global plans to strengthen its presence in Russia 

Ciara Sun, the vice president of Huobi Global Markets, stated that they would provide a one-click migration option from Huobi Russia, following a campaign announcing the brand’s upgrade. The crypto exchange recently announced a crypto savings system that will be available to a portion of its users.

Each user account will have a 3,000 Tether limit — or the equivalent value in Bitcoin. The crypto exchange earlier launched a new business unit called Huobi DeFi Labs to manage the new fund. 

Huobi launches a crypto asset custody platform 

One of the world’s leading cryptocurrency exchanges, Huobi announced that it is getting into the digital asset custody business. The crypto exchange launched its digital asset custody platform earlier this year. The Seychelles-based crypto exchange is initially targeting accredited investors and institutions and will let investors subscribe to various token offerings from its listed partners, with an investment ceiling of 10 BTC depending on the user’s risk profile. 

The Russian government has recently enforced new crypto regulations in the country. The new law allows crypto trading but does not allow goods and services in Russia to be priced in it. 

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