Huobi Brings a P2P Cryptocurrency Trading Option to the Indian MarketAug 2, 2018, 10:20AM
Huobi's peer-to-peer platform will give Indian traders a way to trade cryptocurrency without having to deal with regulatory hurdles
Singapore-based cryptocurrency exchange, Huobi, has announced the decision to expand into peer-to-peer trading services for the Indian market. The message was relayed via email and published by local news media after being confirmed to be authentic. Huobi will allow free trades in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) with the Indian rupee. This announcement follows a recent email questionnaire inviting Indian users to become "global merchants" of Huobi OTC.
The move is the latest in Huobi's global expansion strategy. The firm is already the third largest cryptocurrency exchange in the world, and it aims to protect its market share from fierce competition in the sector. This June, Huobi confirmed plans to open a London office, and in July, it launched a cryptocurrency trading platform that featured ten asset pairs tradable against the Australian dollar. Huobi also has plans to expand its presence in North America through opportunities in Toronto and San Francisco.
However, in India, the firm continues to face unique challenges.
Regulatory Pressure in the Indian Market
Once one of the world's fastest-growing cryptocurrency markets, India has faced challenges with regulation and compliance. Huobi's announcement comes at a time when the Indian market contends with a limited cryptocurrency ban imposed by the Reserve Bank of India on July 5. Earlier in the year, the RBI required regulated financial institutions to stop servicing cryptocurrency-related entities, leading Indian exchanges to suspend fiat transactions in the Indian rupee. Huobi's peer-to-peer platform will give Indian traders a way to trade cryptocurrency without having to deal with all the government-imposed restrictions.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.