Crypto Exchange giant, Huobi has announced yet another closure. This time around Houbi revealed that it will be suspending its crypto services in Singapore in lieu of increasing regulatory oversight. According to the exchange platform, the company has added Singapore to its “restricted jurisdiction” list to further comply with the country’s laws around digital assets. The phased shutdown of Huobi in Singapore will be completed by the end of March next year. The company has suggested its Singapore customers, to begin liquidating and closing their accounts before March 31, 2022.
“We will be closing the accounts of all Singapore-based users on March 31, 2022. Access to our services by Singapore-based users will also be gradually phased out prior to March 31, 2022. All Singapore-based users should take immediate action to close out all active positions and withdraw all digital assets before March 31, 2022. We apologize for any inconvenience caused and thank you for your past support.”
Huobi China Shutdown
This would not be Huobi’s first shutdown. The exchange has already laid out its exit plan from China, along with getting banned from Thailand due to annulled linceses. Amid the ongoing crypto ban in China, Huobi amongst other crypto exchanges gave in to the regulator’s wrath and decided to withdraw its services from the authoritarian nation. By the end of last month, Huobi suspended futures, contracts, and other derivatives services for all Chinese users. Huobi has already revealed that this phased shutdown will come to an end by midnight on Dec. 31, 2021, with all accounts and services suspended on the platform. Huobi and Binance, the two exchange giants globally, have announced their deal with the devil by complying with centralized authorities worldwide, this could mean the end of the absolute decentralized era with centralized figures stepping in.
“In response to local government regulatory policy requirements, Huobi Global will complete an orderly liquidation and withdrawal under the premise of ensuring the safety of user assets in mainland China. Users can rest assured that your assets in Huobi Global will be 100% redeemed and withdrawn.”, earlier this month, Huobi noted in a community release.
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Football Clubs Look To Mine Cash Revenue With Crypto Offerings
- Fed Readying To Launch The US Crypto Policy? White House Directs Agencies To Prepare Report
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?