Huobi Suspends Crypto Services in Singapore

By Sunil Sharma
Published November 10, 2021 Updated November 10, 2021
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Huobi Suspends Crypto Services in Singapore

By Sunil Sharma
Published November 10, 2021 Updated November 10, 2021

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 Users can rest assured that your assets in Huobi Global will be 100% redeemed and withdrawn.”, earlier this month, Huobi noted in a community release.

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