Cryptocurrency exchange Fobi is looking to expand its presence in the Hong Kong market. The initiative was announced by Justin Sun, head of the exchange, in comments to Bloomberg.
Justin Sun indicated that Hong Kong is now considered one of the most beautiful places in China. For that reason alone, the Exchange is looking to expand its presence in Hong Kong.
In addition to the Hong Kong exchange, the exchange plans to expand its presence in Malaysia and the Caribbean; recall that in 2021, Justin Sun spent at least $1 billion to purchase 60% of the Fobi Exchange promotion.
Hong Kong seeks to freeze as one of the giant cryptocurrency hubs
Late last year, Hong Kong authorities revised their own digital asset policy. Hong Kong now wants to freeze as one of the emerging centers of the digital economy and virtual assets. It is now known that the Hong Kong government has set itself the task of creating as many suitable conditions as possible to form a district and a large infrastructure for virtual currencies this year.
Justin Sun is considered one of the main traders at About Capital Management, the Hong Kong fund that became the official owner of the virtual currency exchange…FTX is not the only exchange that has had problems earlier this year, as there were online rumors that the site could be down It should be noted that the exchange began having problems earlier this year because there were online rumors that the site could go down.
Next, Justin Sun said that the exchange will continue to operate in the market and that the rumors should not be explained away. But then it was announced that at least 20% of the workforce would be cut in the first quarter of this year; Justin Sun gave little indication as to why so many employees would be laid off.
Huobi wants to show that their jobs are not threatened
Apparently to expose rumors that the exchange is in trouble, Justin Sun said that Fobi is planning to further expand its presence in the Hong Kong virtual currency market.
Thus, the platform indicates that its activities are not in jeopardy and intend to grow. How close to reality will we get in the second quarter? At first everything was fine at the FTX exchange, but then it turned out that her instructions withheld information about the actual situation.
