Top-tier China-based crypto exchange Huobi reportedly disclosed details of its headquarters reallocation to one of the jurisdictions in the Caribbean, with the Dominican Republic up first in the candidate list. 

Specifically, In the report from Nov. 1, citing one of the board members, the FT reportedly shared the firm’s plan to “to go all in in the Caribbean”, with the reason being the area’ “super-friendly” crypto attitude, common law infrastructures and English language adoption. 

Aside from Dominica, the “frontrunners” of the local jurisdictions in the selection list for Huobi reallocation are Panama and the Bahamas.

Huobi spokesperson already had a meeting with Dominica’s Prime Minister Roosevelt Skerrit in 2021, and the firm would forge an alliance with the nation’s authority to streamline its crypto infrastructure.

At the moment, the headquarters of Huobi situated at the Seychelles islands in the Indian Ocean, with the exchange setting up shops in Hong Kong, South Korea, Japan and the United States. Per FT, the firm looks to reallocate a maximum of 200 staff out of 1,600 to the new HQ.

The Caribbean has reportedly turned into a highly friendly hub for the crypto sphere, particularly with the United States-founded exchange FTX moving from Hong Kong to the Bahamas last year. Among other companies to register in local jurisdictions are Binance, C-Trade and PrimeBit.

In October, About Capital Management (HK) Co. Ltd, a Hong Kong based-asset management entity, reportedly secured the job as Huobi Global’s controlling shareholder after a successful buyout agreement.

Later in the same month, citing “people familiar” with Huobi, Chinese crypto blogger Colin Wu reported that in the aftermath of the takeover, two top executives departed from the firm, and it was gearing towards a reduction of its 1,600-employee staff.