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The Huobi exchange has been working on ways to comply with the existing regulations in different countries. Shortly after shifting its spot trading business to Gibraltar to comply with China’s crypto ban, the exchange is now shutting down its operations in Singapore.
Huobi has announced that it will start shutting down its services to new users, but it will phase out the existing users on the platform by March 31, 2022.
Huobi existing Singapore
“Huobi Global has always been committed to offering digital asset trading services while following all applicable laws. 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 reads.
Huobi has urged Singapore-based users who have open trades on the platform to close their positions before March 31, 2022. Those who want to open accounts will also be restricted from doing so.
The announcement issued to Singapore-based users is the same that was issued by Huobi to China-based users. At the time, the exchange stated that it had halted the registration of new users on the exchange and noted that existing users would gradually be restricted from accessing the platform. All China operations will be halted by December 31, 2021.
The exchange moves to Gibraltar
While Huobi is moving away from China, it is setting its base in countries with more crypto-friendly rules. A few days back, the exchange stated that it would shift its spot trading business to Gibraltar after getting regulatory approval from the financial watchdog in the country.
Du Jun, the co-founder of Huobi Global, noted that the exchange was moving towards a compliant regulatory framework. Jun noted that the company should not fall behind compliance and that its shift to Gibraltar was a major move to ensure that its crypto-related business could prosper.
Jun also mentioned that Gibraltar offered experience, sophistication and a global presence. Earlier this year, the exchange collaborated with Latamex, a local cryptocurrency platform that will allow users to buy cryptocurrencies in Argentina, Brazil and Mexico. The Latin American region is one of the leading crypto markets globally.
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