According to reports, Chinese crypto exchange Huobi Global is seeking to relocate its headquarters operation from Seychelles to the Caribbean due to some favorable conditions for crypto in the area.
The FT reported on November 1 that Huobi Global intends “to go all in in the Caribbean,” quoting one of the board members. The “super-friendly” crypto policy, common law legal systems, and widespread use of the English language in the area are the causes. The “frontrunners” among Dominican countries to host Huobi include Panama and the Bahamas.
A Huobi representative has already spoken with Roosevelt Skerrit, the prime minister of Dominica, and the two parties want to work together to improve the nation’s crypto infrastructure.
Huobi’s current headquarters is in the Seychelles islands in the Indian Ocean, and the exchange also has offices there as well as in Hong Kong, South Korea, Japan, and the US. Out of 1,600 employees, the company intends to transfer up to 200 to the new HQ, according to FT.
With the U.S.-founded exchange FTX moving from Hong Kong to the Bahamas in 2021, the Caribbean region gained prominence in the cryptocurrency market. Binance, C-Trade, and PrimeBit are a few additional businesses that have registered with regional authorities.
Following a successful acquisition negotiation, About Capital Management (HK) Co. Ltd, an asset management company with headquarters in Hong Kong, took ownership of Huobi Global in October.
Later that month, Chinese cryptocurrency blogger Colin Wu wrote, citing “people acquainted” with Huobi, that two key executives had left the company following the takeover and that it was getting ready to reduce its 1,600-employee workforce.
The representative for Huobi denied the claims of mass layoffs and said the business “enjoys a healthy financial flow.” He did, however, acknowledge that some cost-cutting might still be in the works as a result of the current bear market in cryptocurrencies, though he didn’t specify what this might involve.
