Huobi received a license in Canada

Hbit Technologies, a subsidiary of bitcoin exchange Huobi, has been licensed by FINTRAC to provide financial services in Canada.

Hbit is part of the brokerage division of Huobi Tech Brokerage.

With an MSB license, the company can engage in regulated foreign exchange and digital asset transactions in the country.

Huobi noted the rapid development of the cryptocurrency market in North America. The region has an important place in the industry’s “global landscape” and is showing leadership on regulatory issues, the company added.

A few weeks ago, Huobi’s subsidiary received its MSB license from FinCEN in the U.S. and has now continued to expand its business on the continent, according to a press release.

According to the statement, Huobi Tech will launch in early 2022. OTC trading volume through the unit has exceeded $800 million since launch.

“Huobi Tech has always prioritized the concepts of ‘security’ and ‘compliance’ in its growth. In the future, Huobi Tech will continue to expand its international digital asset business,” the company said.

As a reminder, in June Huobi received permission to operate in New Zealand and temporary approval from the Virtual Asset Regulatory Authority of Dubai.

Since November 2021, one of the subsidiaries of the exchange holds a license for spot trading in cryptocurrencies in Gibraltar.