Huobi Gibraltar has already secured the necessary licenses from local authorities. Huobi Group, a Bitcoin ( BTC ) technology firm established in 2013, is relocating its spot-trading business to Gibraltar as a precautionary measure following China’s cryptocurrency clampdown. According to a report by Bloomberg, the Gibraltar Financial Services Commission has authorized Huobi to begin moving its spot-trading operations to affiliate Huobi Technology (Gibraltar) Co. As a result, Huobi Group may provide spot trading services through Huobi Gibraltar, a centralized digital asset exchange that has been authoritatively regulated by the GFSC. Jun Du, CEO of Huobi Group, stated: “The worldwide cryptocurrency sector is moving toward regulated growth. [...] The business must recognize the significance of aligning its activities with the trend.” Several cryptocurrency enterprises have withdrawn from China as a result of the country’s  strict ban on crypto . During a shareholders meeting on Sept. 24, Huobi’s board of directors voted to wind down operations and leave China. Following Huobi’s exit, other cryptocurrency-related platforms and companies, such as crypto mining pools and mining equipment manufacturers, quickly followed suit. Binance, BTC.com and Bitmain are just a few of the organizations on this list. As reported by Cointelegraph on Oct. 29, Huobi officially closed off mainland China’s futures and other derivatives markets as planned. Gibraltar, a British overseas territory located at the southern tip of Europe’s Iberian Peninsula, has built up a name for itself in recent years as a Bitcoin haven.  Several companies have been rushing to what is seen as a relatively benign regulatory environment. The country has made significant strides in regulating the crypto sector within its borders . Some industry participants have praised the momentum that Gibraltar is creating, calling it a new “crypto hotspot.”