Chinese cryptocurrency exchange Huobi is planning to re-enter the U.S. market more than two years after it ceased operations. The company left the U.S. market to comply with regulations and has spent several years under the tighter crypto regulations in China. The return to the U.S. market could put Huobi in competition with large exchanges such as Coinbase.
Huobi first launched a crypto exchange in the U.S. in 2018, but withdrew from the market the following year due to a lack of strong commitment to the market and no U.S.-based management team. They expect asset management to be a larger portion of their business than the exchange, which echoes the traditional market.
Telling it like it is - Competition in the market breeds value, value in the market breeds competition.