Huobi Global, one of several global leaders in digital currency exchange platforms in terms of transaction activity, is closing down its presence in Singapore, just a few months after departing the Chinese market. Huobi will have terminated the memberships of all Singapore-based clients by the conclusion of March next year, according to a corporate announcement made late Tuesday afternoon. Huobi has advised all of its Singapore-based clients to liquidate active contracts and liquidate their virtual currencies by March 31, 2022, according to the company.
Per the notice, the exchange would also progressively phase out accessibility to Huobi offerings in Singapore even before the end of March. According to the company, the move is part of an attempt to ensure compliance with key legislation by regional banking authorities. Per the company’s terms of agreement, the firm’s services are not available to anyone who lives in the United States, Mainland China, Japan, Singapore, Iran, Kyrgyzstan, Cuba, Crimea, Canada, Venezuela, the UK, and some specific countries.
The terms of service state that the business may halt or cancel your profile or accessibility to the service, as well as the handling of any cryptocurrency contract, at any moment if it determines in its sole and absolute discretion that you have infringed on the said contract, as well as that its requirement or use of the service in your territory is illegal.
The International Regulators Concern With Huobi Operations
Singapore has lately emerged as a key worldwide cryptocurrency hotspot, with regional authorities approving a slew of licenses to allow cryptocurrency transactions to take place within the country. To reinforce Singapore’s status as the world’s crypto capital, the central banking system of Singapore, the MAS, is implementing “remarkably tough regulation,” as per Ravi Menon, executive director of the body.
Huobi did not respond to a request for any remarks from reporters. Some other international regulators have also expressed concern about Huobi’s activities. As of September, the Securities and Exchange Commission of Thailand requested that Huobi’s local company be momentarily closed down and that its business permit with the Ministry of Finance be revoked.
The announcement comes just a few weeks after Huobi was compelled to abandon China after local officials issued a broad crypto crackdown in the country’s capital in late September. As initially disclosed, Huobi intends to terminate all Chinese registrations in the People’s Republic of China on December 31. Huobi was established in China in 2013, and the company has a strong connection to the country. Prior to the prohibition, the company’s Chinese activities accounted for at least 30% of its total transaction volumes and revenues, according to the company.