Bitcoin Forum

Huobi offers cryptocurrency trading for US residents, but the market fails to react

Most major coins are sliding amid bearish sentiments. Bitcoin, the digital coin No.1 has lost over 5% since this time yesterday, while Ethereum, the second largest coin by market capitalization, is down 6.7% with the market cap $43.5B against $47.8 on Tuesday. ETH/USD is changing hands at $428 and moving quickly to critical $400. Ripple, the third largest coin with the market cap of $17.4B, is trading at $0.4420, down 4% on daily a basis.

Chinese-based cryptocurrency exchange and blockchain asset solutions provider Huobi has entered the US market via its strategic partner HBUS. US residents have access to its virtual currency trading platform starting from July 10th at 10:00 AM (PT). They have access to 22 different virtual currencies and the full scope of the platform's functionality.

However, HBUS does not currently serve residents in Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington, according to the press release.

The virtual currency trading platform operates online under FinCEN license as a money services business and represents a separate legal entity from Huobi Group, with its own ownership and leadership.


Source: https://www.fxstreet.com/cryptocurrencies/news/huobi-offers-cryptocurrency-trading-for-us-residents-but-the-market-fails-to-react-201807110634

Not the best time for an exchange to enter a new territory or even expand in terms of their business operation. Even if the bearish market is the best time to buy cryptocurrencies you don't expect that buyers will react the same way as a bear market is not appealing for most newbies which is one of their biggest mistakes, they don't have that right mindset needed in this kinds of situation. They should be starting to get some market share as soon as a bull market is spotted in the market. By that time a lot of newbies will try to buy and buy cryptocurrencies.

These players can't time the market to the degree they decide when to offer their products to whatever jurisdiction. Prior to that there is a very lengthy and costly legal battle they have to win, and this legal battle can take a few months up to a whole year. Once you are granted the okay of the authorities and regulators, you have to roll out your service in whatever the market situation is at that point.

I think the timing is fairly decent, but the market isn't really interested in Huobi due to how weird they act, and how they are suspected of having government officials on board. And people are far more likely to use the already established true USD exchanges instead of a foreigner. You never know what a Chinese exchange with all political difficulties going on will be doing with your data once verified. No thanks.