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Cryptocurrency exchange Huobi Global will stop serving Singapore-based customers from March 31, 2022 to comply with Singapore laws, according to a company announcement on Nov. 9.
Fast facts
- “To comply with the laws of Singapore, we will have to include Singapore as a restricted jurisdiction. Regrettably, this means Huobi Global can no longer offer services to Singapore-based users,” the announcement said.
- Huobi Global will gradually phase out access to services and close the accounts of all Singapore-based users on March 31, 2022. Singapore-based users have been advised to take immediate action to close out all active positions and withdraw all digital assets before the deadline.
- Huobi Global’s move to cease offering services to Singapore users comes as the crypto exchange, which was founded in 2013 in China, makes global expansion and compliance a priority as it winds down its cryptocurrency business for users in mainland China following the country’s latest crackdown on crypto. Earlier this week, Huobi Global announced that it had received approval from the Gibraltar Financial Services Commission to migrate spot trading services to its regulated entity in Gibraltar. Huobi Global had obtained a distributed ledger technology license in Gibraltar in 2018.
- Huobi was neither listed on the Monetary Authority of Singapore (MAS) list of entities that have been granted an exemption from holding a license under the Payment Services Act nor on the list of non-exempted entities.
- Forkast.News has reached out to Huobi Global and the MAS for comment. Huobi Global declined to comment.
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