Huobi Introduces Crypto Trading Mobile App For Russian Traders

Huobi has launched a crypto mobile trading app for one of its key market Russia which accounts for about 10% of Huobi’s trading volume.

By · Sep 29, 2020 . 5min read

Huobi Introduces Crypto Trading App in Russia news
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Crypto exchange giant Huobi Global today launches a crypto trading mobile app solely focused on the Russian market. The cryptocurrency trading app is accessible for iOS and Android mobile device users. In accordance with the press release by Huobi, Russia’s traders now have complete access to the exchange’s spot market. Thus, enabling Russian users access to hundreds of different coins and tokens.

Admist Stringent Regulations, Russia a Competent Market for Huobi

Russia is also one of Huobi’s key markets in the European region, with Russians being accountable for about 10% of the crypto exchange’s trading volume. With a new mobile trading app, the exchange hopes to boost that metric further and include more Russian people in the crypto industry. The app enables users to trade multiple different pairs, many of which are against Bitcoin. However, the crypto exchange wants to expand further into the Russian market. It intends to expand by providing local traders with safe, professional, and transparent trading services in a native mobile format. 

With Huobi mobile app, Russian traders can access different trading pairs. However, they can also access different trading methods, like limit and market orders. Huobi had been working on developing its presence in Russia for a while now. Huobi’s mobile app launch in Russia accompanies its recent move to consolidate its partner-operated Russian exchange, Huobi Russia, into the broader Huobi Global ecosystem in mid-August. Last month, it partnered with Huobi Russia, an independent entity that had been around since 2018. The partnership will see the crypto exchange expand its presence in the country. However, Russia is regarded as the second-largest cryptocurrency market in terms of adoption in Eastern Europe after Ukraine.

Recently, Russia prepared a crypto-related bill and sent it to the relevant departments within the Russian government. According to the draft document, any person who has received digital currency or digital rights for more than 100 thousand rubles ($1,300) is self-reported to tax authorities.

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