Huobi tweet suggests its headquarters is moving to the Caribbean

Quick Take

Justin Sun, an advisor to Huobi, seemingly revealed plans to move the exchange’s headquarters to the Caribbean.
Huobi appears to have confirmed the move with a single parasol emoji in a response on Twitter.

Crypto exchange Huobi seems to have confirmed that it is moving its headquarters from Seychelles to the Caribbean island of Dominica.

Justin Sun, the founder of Tron who was appointed as an advisor on Huobi’s global board, told The Financial Times that the Caribbean “is a very crypto-friendly community” and that Dominica is “one of the frontrunners.” Huobi appeared to confirm that it will move to Dominica by retweeting Sun’s statements and the linked FT report with a single parasol emoji.

Furthermore, Tron partnered with Dominica’s government last month to develop a national blockchain infrastructure and issue a national fan token. Sun said in the interview that Dominica’s prime minister, Roosevelt Skerrit, is “a very tech-savvy person" and claimed that "he understands how crypto and the technology work.”

"Dominica is one of the many locations due to its crypto-friendly legislation," Huobi Global relationship manager Cynthia Lo told The Block. "It's at an early stage of our strategic plan to re-establish Huobi as the leading global exchange after its China exit," she added.

Huobi is not the first crypto exchange to apparently move its headquarters to the Caribbean in search of a friendlier regulatory landscape. FTX moved from Hong Kong to the Bahamas last year.

Update: Added comments from Huobi Global.