China's Largest Crypto Exchange Huobi Said To Make Singapore Its Regional Base For Asia

Huobi Group, which operates China's largest cryptocurrency exchange, has reportedly decided to make Singapore its new regional headquarters for Asia with a second location in Europe under consideration. 

What Happened: The company's co-founder Du Jun told Bloomberg Singapore would become Huobi's new base, with Du himself now based out of the city-state. Du also reportedly confirmed that plans were underway for the exchange to have a second regional headquarters in Europe, with either France or the U.K. as the most likely destination. 

Why This Matters: The move comes on the heels of China widening crackdown on cryptocurrency transactions in September, with Huobi stating that it would offload its Chinese users by the end of 2021.

While Huobi has had employees based out of Singapore for years, the intent to open a headquarters in the Southeast Asian country signals a clear shift of focus away from China, Bloomberg noted.