Chinese cryptocurrency exchange Huobi confirmed the opening of its London office June 28, with over-the-counter (OTC) trading tests set to begin in Q3 this year.
Huobi plans to offer OTC trading throughout the European market.
Its new presence in London should “provide improved access to European financial markets and will enable UK-based blockchain and crypto asset startups to benefit from Huobi Labs and the Huobi Ecosystem Fund,” it added.
Spearheading the operation will be Lester Li as European Exchange Director and Josh Goodbody as General Counsel and Chief Compliance Officer at Huobi UK.
As of press time, Huobi is the third largest crypto exchange in the world at around $500 million in daily trade volume, according to Coinmarketcap.
As market volatility and liquidity fragmentation persist, OTC desks are increasingly used by large traders to execute crypto transactions without disrupting public markets.
On the day Bitcoin finally punched through $100,000, a lot of people did the same thing. They screenshotted it. They sent it to group chats, posted it with rocket emojis, and pulled up old tweets from 2021 to dust off the victory laps they had been saving for years.
On the day Bitcoin finally punched through $100,000, a lot of people did the same thing. They screenshotted it. They sent it to group chats, posted it with rocket emojis, and pulled up old tweets from 2021 to dust off the victory laps they had been saving for years.