Leading cryptocurrency exchange Huobi Global has revealed its expansion plans, now entering into Russia by rolling out its native mobile app within the country.
Users in Russia can now access Huobi’s spot exchange & can now trade major cryptocurrencies like Bitcoin [BTC] via its mobile application, the firm revealed earlier on 23rd Sept.
By launching the application in Russia, Huobi wants to further expand in one of its most important markets. Russian users account for the maximum amount as 10% of Huobi’s total spot trading volume, an exchange representative added.
Ciara Sun, vice chairman of global markets at Huobi Group, added that Huobi’s plans to strengthen its position within the Russian market come despite existing issues with cryptocurrency regulation within the country like the new cryptocurrency regulation law “On Digital Assets” & the bill “On Digital Currency.”
“Despite recent speculation regarding new cryptocurrency regulation in Russia, we’re fully committed to the present market and moving full steam ahead to offer native users a more intuitive path to purchase & trade cryptocurrencies from their mobile devices,” Sun added.
Huobi’s mobile application launched within Russia follows a recent move to consolidate its partner-operated Russian exchange, Huobi Russia, into the broader Huobi Global ecosystem earlier in mid-August.
Unlike other global cryptocurrency exchanges, Huobi doesn’t support Russia’s fiat currency, the ruble.
As reported earlier, existing cryptocurrency firms operating in Russia don’t seem to worry about the new law that comes into effect next year. Binance, the world’s largest cryptocurrency exchange, still plans to launch its payment-focused cryptocurrency debit card in Russia despite the upcoming ban on cryptocurrency payments.