Huobi Global is halting operations in Singapore shortly after exiting China.
Huobi officially announced that it will shut down all accounts of Singapore-based users by the end of March 2022. All Huobi clients based in Singapore should close active positions and withdraw their digital assets before March 31 as stated by Huobi. The exchange will also progressively stop access to Huobi services in Singapore before the scheduled date.
The decision is part of an effort to obey the regulations imposed by local financial authorities. According to Huobi’s user agreement, the company’s services are barred for persons located in countries like the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, the United Kingdom and others.
Singapore has been evolving as a major global cryptocurrency hub with local regulators issuing multiple licenses to legalize crypto trading in the country. Some other global regulators have also flagged Huobi’s operations. Recently Thailand’s Securities and Exchange Commission temporarily shut down Huobi’s local subsidiary and recommended revoking its operating license with the Ministry of Finance.
