Exchange News | Huobi Chooses Singapore as Its Asian Headquarters, Zhao Changpeng: Global Headquarters Have Been Decided, Details to be Announced in the Future

This year's series of regulatory upheavals sparked by China's ban appears to be coming to an end as Huobi Group announces Singapore as its new headquarters location. Binance founder Zhao Changpeng also revealed that the global headquarters location has been essentially confirmed and is currently in the process of being established. More details will be announced in the future.

Huobi Expands to Singapore

According to a report by Bloomberg here, Du Jun, co-founder of Huobi, stated that Singapore will become the new headquarters for Huobi, shifting its focus away from Beijing. The company also plans to establish another headquarters in either France or the UK by 2023.

Founded in China in 2013, Huobi announced in September of this year that it will complete the orderly withdrawal of its old users in China by 12/31 after China declared a ban on all cryptocurrency trading services.

Du Jun told Bloomberg that Southeast Asia is an attractive market, with the user volume doubling in the past month. He claimed on Twitter that this is a perfect headquarters location.

With growing interest in crypto within the Southeast Asia region, @HuobiGlobal is in the perfect spot seeing that traders have quadrupled in the region! https://t.co/VNmg0jd1En

— Du Jun (@DujunX) November 30, 2021

Zhao Changpeng: Global Headquarters Confirmed

Binance's Rise

In an interview with Forbes by Bloomberg here, Binance's founder, Zhao Changpeng CZ, discussed the rise of Binance. Factors include Coinbase's initial focus on institutional business, Kraken's focus on the US market, Okcoin and Huobi targeting Chinese users, while Binance's improved intuitive trading interface and strategy focusing more on retail traders propelled its internationalization.

However, other topics such as the rise of Binance Smart Chain (BSC), stance on BSC and Ethereum, Binance's listing process, and the departure of former Binance US CEO Brian Brooks were mostly revisited.

Marketing Battle in the US Market

In the US market, facing strategies from Crypto.com and FTX in a marketing battle, as well as competition from Coinbase's listing and Kraken's upcoming IPO, Zhao Changpeng stated:

I believe everything still needs to come back to excellent products and services. Our marketing spending should come third. I don't believe that marketing spending can gain market share, it is not a long-term plan and usually has poor results. My advice to Binance US is to provide the right products and services, and market share will naturally grow.

Regulatory Challenges Coming to an End?

In terms of regulation, Zhao Changpeng's remarks seem to indicate that the series of regulatory challenges Binance has faced this year have come to an end. He claimed that Binance is no longer passively responding to inquiries from regulatory bodies but actively engaging in discussions with regulators.

He also revealed that Binance's global headquarters have essentially been finalized, with physical establishments, offices, and board governance structures being set up locally, and details will be announced in the future.

Previously, Zhao Changpeng mentioned in an interview that France would be a suitable choice for Binance's future headquarters, but further details were not disclosed this time.