Australia has gained a dedicated arm of Chinese cryptocurrency exchange Huobi, which begins trading today.
The exchange is fourth largest in the world as of press time, with $713 million in daily trade volume, according to Coinmarketcap.
In an announcement, Huobi, which last week also unveiled its London-based operation serving the European market, said trading pairs would be phased in throughout Thursday from 10am Sydney time.
“In the future, Huobi Australia will open more trading pairs to all users,” the exchange added in its announcement.
Huobi’s enthusiastic push into foreign markets comes as multiple major exchanges pursue a global investor base.
Binance, currently the largest exchange in the world with around $1.3 billion in daily trade volume, has moved to Malta, also enabling greater interaction with European users. The U.S. volume leader Coinbase is similarly planning to set up a dedicated Japanese operation.
Like Japan, Australia places stringent requirements on cryptocurrency operators, the latter’s approach to regulation nonetheless coming in for repeated criticism this year and previously.
Seemingly unfazed by the current landscape, Huobi also plans to contribute to blockchain expansion in the local economy via its investment subsidiary Huobi Capital and its US$200 million Global Ecosystem Fund, local news outlet Finder reports.
“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market,” Huobi Australia CEO Adrian Harrison said.
“For Huobi Group, the move to Australia is a natural fit… We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.”