On 5th July 2018, the Chinese cryptocurrency exchange Huobi officially launched Huobi Australia. According to CoinMarketCap, its daily trade volume is $713, making it the world’s fourth-largest exchange. They have announced that users will be able to trade 10 cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Bitcoin Cash, against the Australian dollar [AUD].
In addressing Huobi’s expansion to yet another new continent, Adrian Harrison, CEO of Huobi Australia, spoke confidently of Australian crypto-traders and he seemed well aware of the interests of Australian investors. He stated:
“Crypto-trades in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market.”
The new exchange has already been registered with the government and is said to be regulated by the Australian Taxation Office [ATO], the Australian Transactions Reports and Analysis Centre [AUSTRAC], and the Australian Securities and Investments Commission [ASIC]. The exchange has also offered 30 days of free trading for eligible individuals.
Owing to the fact that traders are required to first invest in Bitcoin before they can buy or sell altcoins, most cryptocurrency exchanges rely heavily on Bitcoin in buying, selling, and trading other cryptocurrencies. Huobi Australia plans to make more trading pairs available to its users in the future, in an attempt to minimize and eventually eliminate this dependence on Bitcoin.
Other cryptocurrencies are looking to expand as well. Binance, the world’s largest exchange with approximately $1.3 billion in daily trade volume, is working to enable greater interaction with European users. Coinbase, the U.S based cryptocurrency exchange also plans to set up an operation that is dedicated to the Japanese.
The exchange also plans to attract institutional as well as individual investors with strong liquidity, a more stable Application Program Interface [API] and a trading environment that is even more efficient.
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