A decade-old Asian exchange with a 2023 rebrand

HTX, formerly Huobi, has operated continuously since 2013, making it one of the longest-running exchanges in Asia. The 2023 rebrand from Huobi to HTX followed the acquisition of a controlling stake by About Capital Management, a crypto investment firm, after Justin Sun (Tron founder) became an adviser to the exchange in 2022. These management transitions are relevant context for institutional risk assessments, even as the operational platform has continued to function normally.

The exchange lists 600+ tokens with particularly strong depth on Asian market pairs and altcoins with large Asian trading communities. USDT-perpetual futures maker fees are 0.02% and taker fees 0.05%, competitive with Bybit and Gate.io. Spot maker fee starts at 0.20%, with reductions via HT token holdings.

Proof of Reserves

HTX publishes monthly Proof of Reserves reports, a transparency commitment initiated post-FTX collapse. Reserve ratios for BTC, ETH, USDT, and USDC have been above 100% in published reports. The attestations use Merkle tree methodology.

Regulatory standing

HTX holds a VARA licence (Dubai), a Cayman Islands registration, and AUSTRAC registration for Australia. The exchange does not hold FCA, NYDFS, or MiCA licences. US, UK, and some EU users are restricted.

Where it falls short

The 2022-2023 management changes introduced uncertainty that has led some institutional clients to prefer Bybit or OKX with clearer ownership structures. The platform interface, while functional, is less polished than Bybit. UK and most European clients are restricted. Customer support response quality has been inconsistent.

Bottom line

HTX suits Asian crypto traders who want broad token selection, competitive futures fees, and a decade-long operating track record from a VARA-regulated exchange. The management history since 2022 means traders should conduct their own risk assessment before committing large amounts of capital.