One of the key players on the cryptocurrency market Huobi is launching a partner trading platform for the US market. Dubbed HBUS, the exchange will be open for registration from 5 PM UTC (10 AM PT) on Friday with trading commencing on July 10.
HBUS will support crypto-to-crypto pairs between several cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).
“Trading USD to virtual currency requires complex licensing and cooperation with US financial regulations and organizations. At this time, we are not accepting any fiat to virtual currency trading and make no predictions as to future availability,” the exchange explains on its website.
HBUS claims to be the “US strategic partner of Huobi”, not a division.
“HBUS is not an “arm,” “subsidiary,” “division,” or any type of “affiliate” of Huobi. Nor is HBUS to be referenced as “Huobi US” or any variant thereof,” the company explains.
HBUS is subject to US federal anti-money laundering (AML) and counter-terrorist financing (CTF) rules as a registered money service business (MSB) within the Financial Crimes Enforcement Network. Every registration on the exchange requires a Know Your Customer (KYC) procedure.
HBUS is also under the supervision of the Office of Foreign Assets Control, the institution that enforces US economic and trade sanctions such as the President Trump ban on Venezuelan cryptocurrency Petro.
HBUS is headquartered in San Francisco a hotbed for emerging technologies like blockchain. One of the largest US cryptocurrency exchanges Coinbase is also based in the city.
This week Huobi launched another new cryptocurrency exchange, in Australia. HuobiAU supports trading in Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and several other altcoins in pairs with the Australian dollar.