'Super-Friendly' Caribbean Lures Another Crypto Startup: Why Huobi Went 'All-In'

Huobi Global, one of the top crypto derivatives markets in the world, is moving to the Caribbean.

Common law systems and a "super-friendly" crypto stance make the Caribbean a more favorable jurisdiction, the company says. 

What Happened: Huobi plans "to go all-in in the Caribbean," according to a recent Financial Times report. Dominica Panama and the Bahamas are the frontrunners.

See Also: Huobi Global Review

Tron TRX/USD founder and Huobi board member Justin Sun — a Grenada permanent representative in the World Trade Organization — said that he met Dominica prime minister Roosevelt Skerrit in 2021 and that Huobi plans to work with the country of 72,000 to develop its crypto infrastructure.

Last month, Skerrit signed an ordinance that made cryptocurrencies based on Tron legal means of payment in the country.

Why It Matters: Huobi's move to the Caribbean may be part of a trend. Crypto exchange FTX, owned by billionaire Sam Bankman-Fried, moved to the Bahamas last year.

Also, crypto firm C-Trade is now based out of the British Virgin Islands while PrimeBit is based out of Saint Vincent and the Grenadines.

Furthermore, major player Crypto.com CRO/USD acquired a license to operate in the Cayman Islands in August, where we can find the offices of the world's top crypto exchange Binance.

Photo by Ishan @seefromthesky on Unsplash