Huobi Group, the operator of China’s largest cryptocurrency exchange, has picked Singapore as its regional headquarters while choosing to have another location for Europe, said co-founder Du Jun.

Singapore becomes the company’s new base after it recently shifted focus outside its original home of Beijing, Du said in reply to queries from Bloomberg News. He has been based in the city-state since he returned to Huobi at the end of last year. The firm is planning to set up another regional headquarters in either France or the UK in 2023, he said. 

While Huobi has had employees running an exchange business out of Singapore for years, the setup of an official headquarters in the city-state signals a further breakaway from its home country, which in September banned all crypto transactions and services on the mainland. Huobi, founded in China in 2013, has said it will offload all China users by the end of this year.

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