Huobi cryptocurrency exchange launched Australian trading platform on Thursday with several digital coins, including Bitcoin (BTC) and Ethereum (ETH). The new exchange offers only crypto-to-fiat trading with the Australian dollar.
Along with BTC and ETH, Huobi Australia also supports Bitcoin cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Power Ledger (POWR), Aelf (ELF), Cortex (CTXC), DATA (DTA) and IOST (IOST). The trading platform does not plan to offer crypto-to-crypto services.
Huobi Australia (HuobiAU) is a joint venture between Huobi and Blockchain Global, one of the leading Australian venture funds with more than $200 million of investments. Adrian Harrison, a former director at HSBC Hong Kong division, is the CEO of the new exchange.
The virtual trading platform must follow Australia’s new anti-money laundering (AML) and counter-terrorist financing rules (CFT). Enacted in April this year, the measures oblige digital trading platforms to register with AUSTRAC (Australian Transaction Reports and Analysis Centre) and to follow several AML/CFT obligations, including Know-Your-Client (KYC) procedures and reporting suspicious matters to AUSTRAC. Blockbid was one of the first virtual exchanges to be registered with AUSTRAC.
AUSTRAC’s AML and CTF rules are in line with the recommendations of the Financial Action Task Force (FATF), an inter-governmental body for fighting financial crimes, which comprises 37 members, including Australia, the US, the UK, France, Germany, Russia, and China. It sets up standards for combating money laundering and terrorism financing. In March, G20 finance ministers and central bank governors called for a global implementation of FATF standards on crypto assets.