South Korea

Huobi Pro opens its doors in South Korea

South Korea is making progress again. The second largest crypto exchange in terms of trading volume has now opened its Huobi Pro branch. The guidelines may be comparatively restrictive. However, the opening shows that crypto currencies cannot be stopped.

If one deals with crypto currencies, one cannot avoid South Korea. In the last months the news did not break off. First there was a rumour that they wanted to ban crypto currencies, then they simply thought about a ban on anonymous transactions. After all, the South Korean people fought back with a successful petition, which in turn put the government under pressure. Since 30 March, there have been positive reports again: The Huobi crypto exchange opened a branch in the East Asian state.

Huobi Pro promises increased Bitcoin evolution

As the operators report in the official announcement, 201 trading pairs of 99 Altcoins can be traded there in the future: Is Bitcoin Evolution a Scam? Beware, Read our Review First. They also point out that they are following South Korea’s guidelines. In addition, they explain, among other things, that they only offer a Bitcoin evolution trading platform without selling digital assets themselves – you only pay for the service. The fees are 0.2% of the traded price.

There is also the option of opening VIP accounts. These have five different levels, which offer a discount of 10 to 50 % on the fees in steps of 10. According to Huobi Pro, they also offer offline storage, which should guarantee additional security. They also use 2-factor authentication. In their terms of use, however, the operators point out that they cannot give a final guarantee for losses in the event of technical failures. One of the reasons given for this is that they are unable to control the “stability and usability of the Internet”.

Minimum age: 16 years, basic condition: Real names

In accordance with the South Korean guidelines for trading crypto currencies, they point to the fact that they must take strict action against possible illegal activities and cooperate with the authorities if necessary. In addition, when registering for Huobi Pro, members undertake to register with their real names and to be at least 16 years of age. Finally, the Exchange reserves the right to change the guidelines at any time without explicitly warning users. If users fail to leave the Exchange in such cases, they automatically agree to the changes. Ultimately, Huobi Pro reserves the right to deregister accounts that have been inactive for more than one year – what happens to any remaining assets is not explicitly mentioned. If you resist the regulations, you have to pay the stock exchange a fine of at least 200 million US dollars.

Good prospects despite restrictions
As mentioned at the beginning and as the explanations on the guidelines show, the basic features of HuobiPro contradict the basic ideas of crypto currencies. Here, little value is (necessarily) placed on decentralization and anonymity. But, and this is much more important: Despite state restrictions and corresponding attempts at regulation, crypto currencies and exchanges find their way.