As of 12:45 p.m. ET on Monday, Huobi Token (CRYPTO: HT) has skyrocketed 31.9% over the past 24 hours. That's right -- while the overall cryptocurrency market saw a nice surge of 1.5% over this same time frame, Huobi has outperformed notably.

What gives?

Well, a key advisor to Huobi's global advisory board, Justin Sun, announced that Huobi is moving forward with an application for a trading license in Hong Kong. This license would allow Huobi to become an established and trusted exchange for users in the special administrative region of China to trade crypto. Additionally, a new trading venue was announced, called Huobi Hong Kong, which will facilitate "fully compliant" transactions, in accordance with Hong Kong law.

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Source Fool.com