HBUS, a virtual currency marketplace and the U.S. strategic partner of Huobi, has begun accepting new registration from U.S. residents, starting today July 6, 2018.
American customers will be able to deposit cryptocurrencies such as bitcoin and ether on its platform. However, users won't be able to trade or make withdrawals until the marketplace goes live on July 10, 2018.
The company, headquartered in San Francisco, aims to promote "an open and competitive market" where traders can choose from a rich pool of "high-quality virtual currencies."
HBUS is the U.S. strategic partner of Huobi, the fourth largest cryptocurrency exchange by trade volume.
Initially founded in China but currently headquartered in Singapore, Huobi has been making plans to penetrate the American market for a while. The exchange has been expanding aggressively into foreign markets, including the Canadian and Brazilian markets. It also launched a cryptocurrency exchange traded fund last month.
Speaking with Bitcoin Magazine, HBUS CEO Frank Fu stated, "Our strategic partner, Huobi, has grown to be the largest digital asset marketplace globally. As investors’ acceptance of virtual currency and digital assets increases, we have seen incredibly high demand in the U.S."
For foreign platforms, an expansion into the U.S. places stringent requirements for them to comply with strict regulation. HBUS, in a Medium post, had stressed its desire to be transparent and trustworthy to both its clients and regulators. The company says "it plans to lead by example" as it has educated its staff on Anti-Money Laundering and Counter-Terrorism Financing. It has also "required them to pass tests" on the subject matter.