Cryptocurrency exchange Huobi for the Russian market has launched a mobile application that allows you to trade cryptocurrencies. This was announced in the official press release of the exchange.
The move came amid the blocking of Binance. Huobi, in turn, against this background, confidently speaks of the desire to strengthen its position in world markets. According to the exchange, the number of Russian users is 10% of the total spot trading volume.
According to Ciara Sun, vice president of Huobi Group, the exchange has been informed about the situation of strict regulation of digital coins in the Russian Federation, but their commitment to the Russian market remains high. Therefore, they are going to provide users with simple and straightforward tools to trade cryptocurrency using mobile devices.
The mobile application was released against the backdrop of the ban by Roskomnadzor of a large trading crypto exchange – Binance. The site was included in the list of prohibited because of the information it contains about the possibility of buying and selling bitcoins. The mobile application presented by the exchange can be used on smartphones with iOS and Android operating systems.
It should be noted that Huobi’s expansion did not begin yesterday. After the meeting in 2018 of the founder of Huobi Leon Lee with the ex-adviser to the President of Russia on economic issues Sergei Glazyev, favorable signals for the exchange have already become visible. Then Glazyev spoke about the positive impact of the platform on the economic growth of the Russian Federation.
Interestingly, the entry of the crypto exchange into the Russian market is taking place at a time of uncertainty over the regulation of cryptocurrencies. Russian legislators need to decide on a single position – to prohibit or legalize the market.
The Russian Association of Cryptocurrencies and Blockchain (RACIB) states that prohibitive and absurd regulations can force digital businesses to seek foreign jurisdiction for their work.