Houbi expands its cryptocurrency exchange to Brazil

Chinese cryptocurrency exchange based in Singapore, Huobi, have announced their expansion into South America by way of Brazil, where they are setting up offices and promoting their platform, according to Portal do Bitcoin, a local news outlet.

The exchange has set up offices in Sao Paolo and their representatives have been spotted there distributing business cards during the VI Bitconf conference and has also advertised they are seeking a chief compliance officer to monitor the firm’s operations and to identify irregularities and illegal activities locally.

The Singaporean-based company is ranked as the world’s number three cryptocurrency exchange processing around $1.1 billion in trading every 24 hours, Coinmarketcap reported.

Houbi began operations in Singapore this year and in April it announced they would expand to South Korea and the United States. They already operate in Canada.

Canada General Manager Ross Zhang said the office in Toronto is part of the “continued effort to help the blockchain industry become more credible so that mass adoption can come sooner.”

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