Huobi Global, one of the largest cryptocurrency exchanges in the world by volume of operations, is closing its Singapore operations shortly after leaving China.
Huobi will close the accounts of all its Singapore-based users at the end of March next year., as the company officially announced late on Tuesday.
All Singapore-based Huobi clients will be required to close their active positions and withdraw their digital assets by March 31, 2022Huobi said. The exchange will also gradually discontinue access to Huobi’s services in Singapore before March, the announcement notes.
The move is part of an effort to comply with the relevant regulations of local financial authorities.said the firm. Under Huobi’s user agreement, the company’s services are prohibited for people located in the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, Crimea, mainland China, Kyrgyzstan, and the United Kingdom, among others.
“The company may suspend or terminate your account or use of the service, or the processing of any digital asset transaction, at any time if it determines, in its sole discretion, that you have violated this agreement or that its provision or use of the service in your jurisdiction is illegal “says the agreement.
Singapore has recently become a major global cryptocurrency hub, and local regulators have issued multiple licenses to legalize cryptocurrency trading in the country.. According to Ravi Menon, managing director of the Monetary Authority of Singapore, the authority is putting in “very strong regulation” to strengthen Singapore’s position as the world’s center for cryptocurrencies.
Huobi declined Cointelegraph’s request for further comment.
Some other global regulators have also pointed to Huobi’s operations. In September, The Thai Securities and Exchange Commission temporarily closed Huobi’s local subsidiary and recommended that it revoke its operating license to the Ministry of Finance.
The news comes shortly after Huobi was forced out of China when local authorities announced a major crypto ban in late September.. As previously reported, Huobi plans to close all Chinese accounts in mainland China by December 31. Founded in China in 2013, Huobi is remarkably tied to the country. Before the ban, its operations in China represented at least 30% of its trading volumes and total revenue..
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