Huobi joins the crypto billionaire Sam Bankman-Fried to open a shop in the Caribbean

Huobi Global, one of the world's largest crypto exchanges that was founded in China, plans to move their headquarters to the Caribbean, which marks the latest migration into the region because regulatory authorities around the world act against the industry.

Justin Sun, who was appointed to the company's board in October, said that the “super-friendly” crypto posture of the region, common-spletz systems and the introduction of the English language made the countries attractive support points.

"Nowadays is one of the biggest goals that we have here to go to the Caribbean," said Sun. Dominica, Panama and the Bahamas are the leaders, he added.

Migration would make Huobi the latest large crypto company that moves into the Caribbean. Sam Bankman-Frieds FTX, the world's second largest crypto exchange in the world, moved from Hong Kong to the Bahamas last year.

Other crypto companies registered in the region are C-Trade on the British Virgin Islands and Primebit on St. Vincent and the Grenadines. Binance, the world's largest crypto exchange, is registered on the Kaiman Islands, while the Börse Crypto.com acquired a license for the company in August.

Huobi's relocation would mean to encourage dozens of employees in his headquarters on the Seychelles to move into the Caribbean. After all, one hopes to have up to 200 employees in the region, said Sun. The company currently has around 1,600 employees, he added.

Sun, who is also a constant representative at the world trade organization, said he met Dominica's Prime Minister Roosevelt Skerrit last year and Huobi would work closely with the country with 72,000 inhabitants to develop his crypto infrastructure.

In October, Skerrit signed a regulation that turns cryptocurrencies in the Tron network founded by SUN into legal means of payment.

"The Caribbean.. is a very crypto -friendly community.. And I think Dominica is one of the leaders at the moment," said Sun. "[Skerrite] is a very technically experienced person. He understands how crypto and technology work."

Henri Arslanian, co-founder and managing partner of the crypto hedge fund Nine Blocks Capital Management, said that early steps of Caribbean states such as Bahamas and Bermuda have contributed to the introduction of regulatory systems for digital assets to attract global actors in the industry.

According to the cryptocurrency tracker Coinmarketcap,

Huobi remains among the 10 largest crypto exchanges after daily trading volume, although it slipped from its second place after China, once his largest market, forbidden cryptocurrency transactions last year.

Sun said that he was "very optimistic" in relation to the prospect that China would soften his attitude, although he had not been in contact with the supervisory authorities there recently.

Despite the ban, Chainalysis, a US blockchain research group, classified the Chinese mainland last month as the fourth largest cryptom market in the world after transaction sales.

"The Chinese government is currently in constant change," said Sun, adding that politics would "maybe cool down after the first quarter of next year".

Although the company Singapore has appointed its regional basis last year, Huobi hopes to expand its presence in Hong Kong, where the supervisory authorities check the legalization of retail with crypto trading and the travel restrictions in connection with covid have been relaxed.

"We all know that Hong Kong has a great advantage for the Chinese mainland," said Sun, adding that his latest change of policy could serve as a model for the Chinese mainland.

"Despite the recent challenges by Covid.

"There are still many advantages, such as a large talent pool, an experienced regulatory authority and an active crypto ecosystem."