Huobi, a top 5 cryptocurrency exchange by volume based out of China has confirmed that they are expanding their operations into Brazil, according to a report from Coindesk.
Executives were seen earlier this week networking at a local Brazilian event. Further, a report from a Brazilian cryptocurrency news source suggests that Huobi has already set up an office in the county.
The report also notes that the company has set up an office in the country’s capital, São Paulo and is hiring local staff through LinkedIn.
This move is in line with Huobi’s plans for global expansion – considering that they were forced to focus overseas due to the Chinese government’s crypto trading ban in 2017.
Huobi has also registered its United States operation with FinCEN, one of the country’s many financial reguators.
Huobi’s expansion into Latin America is an important move for the company, there are not many crypto exchanges operating in the region, and the interest in cryptocurrency is expanding at a rapid rate.