Huobi, one of the leading crypto exchanges, launches a mobile trading app for its Russian customers. The new mobile trading app would allow Russian crypto traders to execute spot trades for top cryptocurrencies available on the app.
The dedicated trading app launched by Huobi indicates the exchange's plans for expanding its operations in Russia, which is understandable, given 10% of the total volume generated by the exchange comes from Russia. Thus, it is clear that Russia is one of the key markets for the exchange, and it wants to compensate for the same.
It is also important to note that Russia is not among the crypto-friendly nations because of its stern regulatory policies, especially the new crypto law on Digital Assets. This also suggests that Huobi is clearly looking to dominate the Russian crypto ecosystem despite the regulatory uncertainty.
Ciara Sun, vice president of global markets at Huobi Global, reaffirmed the same and commented on their recent app launch, saying,
“Despite recent speculation about new crypto regulation in Russia, we’re fully committed to this market and moving full steam ahead to give local users a more intuitive way to buy and trade crypto from their mobile devices.”
The latest trading app launch by Huobi Global shows it's interested in the Russian crypto market. However, Huobi has been quite vocal about their support for Russia even before that. In August this year, it brought in the Huobi Russia, a partner-operated Russian exchange under the Huobi Global umbrella.
Russia has been quite passive towards regulating crypto and has moved the goalposts on several occasions about regulating the digit assets. Earlier, the government planned to deem digital assets as treasure and property and tax them accordingly. Later, the idea was discarded, and new and more strict regulatory guidelines came into being.