Huobi Global is the latest company to decide on relocating to the Caribbean.
Huobi is one of the biggest crypto exchanges in the market. Recently, there were rumors that the company may fire a lot of its employees, but it denied those rumors and showcased plans to move its headquarters to the Caribbean, probably in the Dominican Republic.
One of the main reasons for this decision could be the fact that the Caribbean jurisdictions are very crypto-friendly in terms of regulations. The Dominican Republic, Panama, and the Bahamas are the potential locations where Huobi might decide to relocate.
Previously, executives from Huobi had met with Roosevelt Skerrit, the Prime Minister of the Dominican Republic. In the meeting, they talked about ways that Huobi could cooperate with the Dominican Republic on promoting crypto adoption.
Huobi Global has offices in various countries, including Hong Kong, South Korea, Japan, and the US. The main headquarters are in the Seychelles islands.
If Huobi relocates to the Caribbean, more than 200 employees could move there.Â
Huobi Global is not the first one to decide on moving to the Caribbean. FTX moved its headquarters to the Bahamas back in 2021. Binance also has offices in the Caribbean.
The decision from Huobi Global comes weeks after About Capital Management took over the company, with Justin Sun, founder of Tron, having an advisory role for the exchange.
As for the layoffs that were rumored for Huobi Global employees, the company denied them suggesting that the company has enough liquidity and does not face any problems. Nevertheless, quarter reports suggest that Huobi is gradually trimming its costs given the current state of the economy.