Huobi Group – the corporation operating top-tier crypto exchange Huobi – is reportedly working on its initiative to be operational again across US soil, following a newly obtained license from local regulators. 

Specifically, following its initiative to shut down its US branch towards the end of last year, Huobi reportedly showed interest in establishing a trust company business in the nation. 

Trusts are reportedly firms in charge of assets management for a group of owners or investors. This structure is employed by Grayscale’s trusts to provide crypto exposure with traditional markets. 

As disclosed by Huobi Technology Holdings, the firm’s Nevada-incorporated business Huobi Trust has reportedly been successful in obtaining a Trust Company License from the Financial Institutions Division of the Nevada-based Department of Business and Industry.

Lan Jianzhong, executive director of Huobi, reportedly claimed that Huobi Trust is yet to make any associated trust services available.

“Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company,” Jianzhong reportedly remarked. 

The initiative from Huobi US, or HBUS, to shut down its business in the United States last year following an announcement from Huobi Global to lock every client account based in the US by mid-November 2019, with the stated reason is claimed to be associated with the local regulatory ecosystem.

The exchange has been carrying out attempts to establish its footprints throughout new markets across the globe these past years, as previously in November, Huobi Group’s flagship crypto exchange disclosed details of new Malay-based trading services.