Fire will launch TCNH (TrueCNH) and actively expand into the Hong Kong market
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Fire will launch TCNH (TrueCNH) and actively expand into the Hong Kong market
Firecoin has opened TCNH (TrueCNH, TRC-20) deposits at 20:00 on February 20, will launch the TCNH/USDT trading pair at 20:00 on February 21, and will open withdrawals for TCNH at 20:00 on February 22.
Navigating Web3 tides with focused insightsAccording to an official announcement by Huobi, the exchange has opened TCNH (TrueCNH, TRC-20) deposits at 8:00 PM on February 20, launched the TCNH/USDT trading pair at 8:00 PM on February 21, and will open withdrawals for TCNH at 8:00 PM on February 22. Huobi has become the first cryptocurrency exchange to list TCNH.
TCNH is an offshore stablecoin pegged to the offshore Chinese yuan (CNH). It has been deployed on the TRON network, leveraging which offers advantages such as low transaction fees and fast transfer speeds.
Hong Kong is one of the primary markets for offshore RMB circulation. Huobi's listing of TCNH will bring new financial opportunities for global users while helping Hong Kong rapidly expand its crypto market. Sunny Lu, member of Huobi Global Advisory Board, previously stated, "We hope to make further contributions within Hong Kong’s regulatory framework for stablecoins."
Since last year, Hong Kong has successively announced several crypto-friendly policies and introduced its “crypto initiatives.” On February 20, the Securities and Futures Commission (SFC) of Hong Kong revealed in a consultation paper that it will allow retail investors to trade large-cap tokens on SFC-licensed exchanges. Trading of BTC and ETH is expected to begin on June 1.
These regulations represent a critical step for Hong Kong in establishing itself as a digital asset hub. Huobi has long expressed confidence in Hong Kong’s crypto market and has repeatedly indicated plans to consider launching operations in the region.
Sunny Lu posted on his official Twitter account that Huobi has applied for a cryptocurrency trading license in Hong Kong—a significant move for any crypto exchange and a sign of Huobi’s ongoing commitment to operating in a compliant and regulated manner.
Lu disclosed that Huobi will launch a new exchange, Huobi Hong Kong, focused on providing trading services to institutional investors and high-net-worth individuals in Hong Kong.
Huobi’s aggressive expansion into Hong Kong was explained by Sunny Lu in an interview with Bloomberg, where he described Hong Kong as “one of the test zones for cryptocurrency development.” Huobi will continue expanding its presence in the region, aiming to more seamlessly reach new users when broader regional crypto regulations are relaxed.
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