Huobi has announced that they are launching a cryptocurrency exchange in the United States named HBUS via a strategic partnership. Registration is already open and deposits of Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, Tether, DASH, Civic, and TrueUSD are already being accepted. Trading will go live on 10 July 2018.
This is part of a continuing effort by Huobi to expand globally. Huobi was originally founded in China but was forced to leave the country in September 2017 following the cryptocurrency trading ban. Huobi moved its headquarters to Singapore, has launched an exchange in Australia, and will be launching an exchange in London before the end of 2018 to target the European market.
Huobi is usually ranked among the top 3 cryptocurrency exchanges in the world with trading volumes between USD 500 million and USD 1 billion per day, alongside Binance and OKEx. Huobi will technically be the biggest cryptocurrency exchange in the United States, and will be a competitor to Coinbase, who has long dominated the United States market. This is going to create a beneficial situation for cryptocurrency traders in the United States. Competition is always positive since both Huobi and Coinbase will lower fees and increase the level of their services so that customers choose them.
Indeed, HBUS is offering daily withdrawal limits of USD 200,000 for full verification, which is orders of magnitude higher than Coinbase. If HBUS becomes successful then perhaps Coinbase will consider raising their limits.
HBUS is trying to increase registration numbers by offering up to 0.1 Bitcoin for free and 100 days of free trading. Due to state regulations users in Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington cannot register.
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