Chinese crypto exchange Huobi acquired Latin American crypto exchange Bitex to expand its presence in the region, Huobi said Thursday.

Huobi plans to integrate Bitex’s exchange platform with its global platform, the company said in a statement. Bitex will continue operating under its current name and management team in Latin America, Bitex CEO Francisco Buero told CoinDesk.

Founded in 2014, Bitex operates in Argentina, Chile, Paraguay and Uruguay. It is about to launch operations in Peru and plans to expand “soon” to other undisclosed Latin American countries, according to Buero. He excluded Brazil from that list of countries for the time being.

With over 200,000 open accounts, Bitex serves individuals, high-net-worth clients and corporate customers, Buero said.

In February, Huobi said it was planning to re-enter the U.S. market after it shut down its business in China to comply with a local ban on crypto-related transactions. From last September through December, Huobi lost about a third of its revenue, company co-founder Du Jun said recently.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Read More