Tron’s Justin Sun announces Huobi Hong Kong exchange launch, triggers massive price rally in native token
- Justin Sun’s Huobi Global applied for a crypto trading license in Hong Kong, the platform is ready to launch its new exchange.
- Huobi Hong Kong will be fully compliant with local regulations and offer a range of trading pairs and services to customers.
- Huobi exchange’s native token HT started a massive rally, this could trigger a comeback in exchange tokens in the short-term.
Justin Sun’s cryptocurrency exchange platform Huobi Global applied for a crypto trading license in Hong Kong, alongside other exchanges Gate.io, OKX and Bitget. This marks a major step for the crypto exchange and its commitment to operating in a compliant and regulated manner.
Huobi’s application for license and the announcement of a Hong Kong exchange has triggered a massive rally in its native token. Huobi Token’s (HT) price rally could lead a comeback in exchange tokens in the short-term.
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Justin Sun’s Huobi applies for license to operate in Hong Kong, alongside top crypto exchanges
Justin Sun, advisor at Huobi Global announced the exchange’s plan to open Huobi Hong Kong and operate in a regulated and compliant manner. The exchange platform has applied for a license to operate in Hong Kong, alongside other cryptocurrency exchanges Gate.io, OKX, and Bitget.
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
Sun said that the new exchange will focus on providing trading services for institutional investors and high net worth individuals in Hong Kong. It positions Huobi as a trusted and secure platform for larger investors in Asia who are looking to enter the crypto market.
The announcement triggered a massive rally in the exchange’s native token Huobi Token (HT). HT price rallied 16.5% since February 20. Interestingly, the beginning of February 2023 was marked by double-digit rallies in native tokens of exchanges and HT’s rally could lead a recovery.
As more exchanges pile in their applications for licensed operations in Hong Kong, it could fuel a bullish narrative among holders of their native tokens and trigger a recovery in prices. The chart below shows the top-performing exchange tokens.
Crypto exchange’s native tokens
As the China narrative gains popularity with Hong Kong’s embrace of cryptocurrency trading and legalization, traders could expect a recovery rally in native tokens of exchanges like HT, OKB and BNB.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
