Huobi Token gains 24% as the exchange says it will operate in Hong Kong

Huobi’s exchange token experienced significant gains on Feb. 21.

Huobi Token (HT) saw a 23.7% increase in value over 24 hours. At 1:20 a.m. UTC, the cryptocurrency was priced at $6.33, its highest value since mid-December.

Those gains in value are likely due to Huobi’s plans to begin operating in Hong Kong. In a tweet on Feb. 20, Huobi said it is “stoked” about the Chinese region’s upcoming crypto exchange policies. Huobi said it aims to secure a license and be among the first exchanges to operate in the region in compliance with local regulations.

Earlier today, Hong Kong regulators opened a consultation that will likely see the region legalize cryptocurrency trading this summer.

Huobi plans to grow its business even though it downsized its workforce significantly this year. Around Jan. 6, the exchange laid off 20% of its staff. That news caused HT to lose about 6% of its value in the following hours.

Huobi serves users in the Asia-Pacific market and is among the largest cryptocurrency exchanges. Its 24-hour trading volume was $459 million today.

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