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.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Inbar is a reporter covering crypto policy and regulation with a focus on Europe. Before The Block, she worked with several publications in Brussels including The Parliament Magazine and Are We Europe. Inbar holds a bachelor's degree in international relations from University College Utrecht and a master's degree in international politics from KU Leuven.

Editor

To contact the editor of this story:
Adam James at
[email protected]

More by Inbar Preiss