Major cryptocurrency exchange Huobi Global is expanding in Russia by launching its native mobile app in the country.
Users in Russia can now access Huobi’s spot market via their mobile app and trade major cryptocurrencies such as Bitcoin (BTC), the company announced on September 23.
When introducing the application in Russia, Huobi wants to expand further in one of its most important markets. Russian users account for up to 10% of Huobi’s total spot trading volume, a representative from the exchange told Cointelegraph.
Ciara Sun, vice president of global markets at Huobi Group, said Huobi’s move to strengthen its position in the Russian market came despite existing issues with crypto regulation in the country, such as the new cryptocurrency law. “About Digital Assets” and the “About Digital Currencies” bill.
“Despite the recent speculation about the new regulation of cryptocurrencies in Russia, we are fully committed to this market and are doing everything we can to provide a more intuitive way for local users to buy and exchange cryptocurrencies from their mobile devices.”Sun said.
The launch of Huobi’s mobile app in Russia follows a recent move in consolidating the partner-operated Russian exchange Huobi Russia into the wider Huobi global ecosystem in mid-August.
Unlike other global crypto exchanges, Huobi doesn’t support Russia’s fiat currency, the ruble.
As Cointelegraph reported, Cryptocurrency companies operating in Russia don’t seem concerned about the new law that will take effect next year. Binance, the world’s largest cryptocurrency exchange, continues to plan to launch its payment-oriented crypto debit card in Russia despite the impending ban on crypto payments.