Huobi Global cryptocurrency exchange will stop its services to Singapore-based users and close all their accounts on March 31, 2022.
The cryptographic exchange said in a statement on its website which does so to comply with the laws of Singapore. “We will have to include Singapore as a restricted jurisdiction. Unfortunately, this means that Huobi Global can no longer provide services to Singapore users.”
“All Singapore-based users should take immediate action to close all active positions and withdraw all digital assets by March 31, 2022. We apologize for the inconvenience and thank you for your previous support,” he said. Huobi Global.
Cryptographic exchange is accessible via iOS, Android and the web.
To launch a new Singapore exchange soon
In a media statement sent to Vulcan Post, Huobi Singapore said the strategic move has been planned “to pave the way for Huobi Singapore to establish itself in Singapore and underlines its commitment to operate as a regulated exchange platform. of digital assets “.
Huobi Singapore, under Huobi Technology Holdings, is building a global digital asset exchange platform and has already applied for the license of major payment institutions in accordance with the Payment Services Act (PSA) of the Singapore Monetary Authority.
Huobi Singapore currently has an exemption from having a license under the PSA while the application is being reviewed.
“To provide users with a safe and secure experience, its digital asset exchange platform has been designed to meet the global regulatory standards set by financial regulators, with a strong focus on implementing a rigorous program against money laundering (AML) and a solid Customer Knowledge Framework (KYC), ”he said.
Retail and corporate users can expect to join the Huobi Singapore platform (www.huobi.sg) once it launches, which is expected later this year, subject to obtaining the necessary approvals.
The global encryption exchange assured local users that it is “here to stay for good.”
“We are delighted to launch a new platform to better meet the needs of the local market. Huobi Singapore is committed to complying with both local and international regulations to provide a regulated and secure trading platform for retail and corporate users,” said Edward Chen , CEO and CEO of Huobi Singapore.
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