Huobi’s US Branch HBUS Announces Closure

HBUS, the US subsidiary of Huobi Group, announced Monday that it will cease its work in the coming weeks. The company stated it would stop providing services on December 15, 2019.

Until January 31, 2020, users of the exchange must withdraw all their assets. Clients who do not have enough funds to meet the minimum withdrawal requirements will be able to convert their assets into other crypto or fiat currencies in order to meet the alternative minimum requirements, the project FAQ reads.

The news came about a month after the Huobi Group announced that it was forcing US customers to use HBUS as a measure of compliance with US laws. The company has now stated about this measure:

“...so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout.”

The American branch of Huobi was launched in early 2018 and is registered as a money services business in the Financial Crime Enforcement Network. The exchange also set up an institutional sales and customer service group earlier this year aimed at large players for its over-the-counter desk.