The large Huobi Global cryptocurrency exchange is expanding in Russia, and releasing its native mobile app in the country.

The company announced on September 23 that users in Russia can now access the Huobi spot market and trade major cryptocurrencies such as Bitcoin (BTC) through its mobile app.

When introducing the app in Russia, Huobi wants to expand further into one of the most important markets. As a representative of the exchange told Cointelegraph, Russian users account for up to 10% of Huobi’s total spot trading volume.

Ciara Sun, vice president of global markets at Huobi Group, said that Huobi’s decision to consolidate its position in the Russian market comes despite the country’s current problems with regulating cryptocurrencies, such as the new Crypto Law and Digital Assets. .

“Despite recent rumors about a new cryptocurrency regulation in Russia, we are committed to this market and fully committed to providing local users with an easier way to buy and exchange cryptocurrencies from their mobile devices,” said Sun.

The launch of the Huobi mobile app in Russia comes on the heels of the final move to integrate the Russian exchange managed by partner Huobi Russia into the wider Huobi Global ecosystem in mid-August.

Unlike other global crypto exchanges, Huobi does not support Russia’s official currency, the ruble.

As reported by Cointelegraph, crypto companies operating in Russia don’t seem to be concerned about the new law that will go into effect next year. Binance, the world’s largest cryptocurrency exchange, is still planning to launch a paid debit card for cryptocurrencies in Russia, despite an upcoming ban on cryptocurrency payments.

Source: CoinTelegraph