According to the Seychelles Financial Services Authority (FSA), the island-based global crypto trading giant Huobi has never been regulated in the Seychelles jurisdiction. The regulator has never issued any license to Huobi that would allow it to conduct the business in which it is engaged. The regulator also warned investors to be careful about the services offered by Huobi or any other company that provides similar services with financial assets.
In early 2020, the media reported that the Maltese regulator never controlled crypto trading giant Binance, led by Changpeng Zhao, one of the most influential members of the crypto community and a billionaire on the Forbes list.
The Binance CEO admitted that Binance is not located or regulated in Malta. He noted at the time that Binance has a number of regulated entities scattered around the world that are either operated directly by Binance or by its partners. The exchange cooperates with local regulators of the countries in which its branches operate and complies with their rules and requirements.