As a borderless technology, cryptocurrency can generally be widely traded all over the world. As such, crypto-to-crypto exchanges like Binance and Huobi tend to be available all over the world, except where crypto is explicitly banned.
Recently, Huobi cryptocurrency exchange had launched Australian trading platform on with some digital coins, including Bitcoin (BTC) and Ethereum (ETH). The new exchange offers only crypto-to-fiat trading with the Australian dollar.
Along with BTC and ETH, Huobi Australia also supports Bitcoin cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Power Ledger (POWR), Aelf (ELF), Cortex (CTXC), DATA (DTA) and IOST (IOST). The trading platform does not plan to offer crypto-to-crypto services.
Huobi Australia (HuobiAU) is a joint venture between Huobi and Blockchain Global, one of the leading Australian venture funds with more than $200 million of investments. Adrian Harrison, a former director at HSBC Hong Kong division, is the CEO of the new exchange.
The virtual trading platform must follow Australia’s new anti-money laundering (AML) and counter-terrorist financing rules (CFT). Enacted in April this year, the measures oblige digital trading platforms to register with AUSTRAC and to follow several AML/CFT obligations, including Know-Your-Client (KYC) procedures and reporting suspicious matters to AUSTRAC.
AUSTRAC’s AML and CTF rules are in line with the recommendations of the Financial Action Task Force (FATF), an inter-governmental body for fighting financial crimes, which comprises over 35 members, including Australia, the US, the UK, France, Germany, Russia, and China.
It sets up standards for combating money laundering and terrorism financing. In March, G20 finance ministers and central bank governors called for a global implementation of FATF standards on crypto assets.
Huobi Global’s Australian head Adrian Harrison described the welcoming regulatory climate as one of the main factors that brought Huobi to Australia.
As reported by Crypto Vest, Huobi offers about 200 different coins all up and both firms signed an agreement for the use of blockchain applications.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]