Huobi announces to stop providing services in Singapore

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2021-11-11 08:46:05

Cryptocurrency exchange Huobi said it will have to add Singapore to the list of countries with restricted services.

Huobi announces to stop providing services in Singapore

According to an announcement posted on November 9, cryptocurrency exchange Huobi announced that in response to the requirements of the private island nation, the exchange will be forced to include Singapore on the list of countries restricted from epidemics. service. This means that Huobi will no longer be able to provide cryptocurrency services to its users.

The exchange also sets a deadline to terminate its presence in Singapore on March 31, 2022, at which time Huobi will delete all Singapore user accounts. It is recommended that users make withdrawals and close trading positions between now and then.

The move comes just a day after Huobi said it would move its registration license offering spot trading to Gibralta.

Previously, the exchange accepted to leave its home market of China after Beijing’s outright ban on cryptocurrencies. As reported by CHK, Huobi’s management team was completely surprised by the severity of the ban, leading to being passive in finding alternative markets. At that time, the Huobi representative announced that they would shift their focus to Southeast Asia, Europe and the Middle East markets. However, the loss of Singapore will be a heavy blow to Huobi’s reconstruction plan.

Even so, on Twitter, an account called Huobi Singapore claims that this is just part of a strategy to launch its own trading platform called Huobi.sg.

The platform is currently waiting to be licensed by the Singapore government. This scenario is even more valid when in September, the Binance exchange also announced the termination of operations in Singapore, but still registered for a license to establish Binance Singapore subject to the management of the government.

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