Cryptocurrency exchange Huobi Group launched a regulated, over-the-counter or OTC trading desk for both institutional and individual clients with large trading volumes.
Huobi OTC Desk, the new OTC crypto trading platform, is built on Distributed Ledger Technology or DLT license issued by Gibraltar Financial Services Commission or FSC. The service is not intended for users in the United States.
The service, provided by Huobi Technology (Gibraltar) Co., Ltd, enables both crypto-to-crypto and fiat-to-crypto transactions. These include those made in US dollars, British pound sterling, and euros for Bitcoin, Ethereum, among others.
Huobi OTC Desk is different from Huobi Global’s retail OTC service, which allows users to trade with other users.
It was in December last year that Singapore-based Huobi was granted a full DLT license in Gibraltar for exchange-related activity. Gibraltar is the first jurisdiction to introduce a purpose-built DLT regulatory framework.
In early April, Japanese crypto exchange Coincheck had launched an OTC cryptocurrency trading service for large-scale customers.