Huobi Global, one of the world’s largest trading exchanges in terms of trading volume, will close its operations in Singapore shortly after leaving China.
Huobi officially announced on Tuesday night that they will close all Singapore-based user accounts by the end of March next year.
Huobi said all Huobi’s Singapore-based customers must close their active positions and withdraw their digital assets by March 31, 2022. The announcement indicates that the exchange will close access to Huobi’s services in Singapore by March.
The company said the move was part of an effort to comply with relevant local financial authorities. Under the Huobi User Agreement, the company’s services are available only to persons located in the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, Crimea, mainland China, Kyrgyzstan, the United Kingdom and other countries.
“The Company may suspend or terminate your account, the use of the Service or the processing of any transaction with digital assets at any time if it determines, in its sole discretion, that you have breached this Agreement or that the provision or use of the Service in your jurisdiction is unlawful. , ”Says the agreement.
Recently, Singapore has emerged as a major global cryptocurrency hub and local regulators are issuing several licenses to legalize cryptocurrency trading in the country. According to Ravi Menon, CEO of the Monetary Authority of Singapore, the authorities are introducing “very strict regulation” to strengthen Singapore’s position as a global cryptocurrency hub.
Huobi declined Cointelegraph’s request for further comment.
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Several other global regulators have also cited Huobi’s activities. In September, the Thai Securities and Exchange Commission temporarily shut down its local subsidiary Huobi and recommended the revocation of its operating license from the Ministry of Finance.
The news came shortly after Huobi was forced to leave China when local authorities announced a massive ban on cryptocurrencies in late September. As previously reported, Huobi plans to close all Chinese accounts in mainland China by 31 December. Huobi was founded in China in 2013 and is especially associated with this country. Prior to the ban, operations in China accounted for at least 30% of total trade volume and revenue.