Huobi Global stops services in S’pore, to launch new S’pore platform

The Huobi Global crypto exchange will stop its services to Singapore-based users and close all of their accounts on March 31, 2022.

The crypto exchange said in a statement on its website that it was doing so to comply with Singapore laws. “We will have to include Singapore as a restricted jurisdiction. Unfortunately, this means that Huobi Global can no longer offer services to users based in Singapore. “

“All Singapore-based users must take immediate action to close all active positions and remove all digital assets by March 31, 2022. We apologize for any inconvenience caused and thank you for your past support,” Huobi said. Global.

The crypto exchange is accessible via iOS, Android, and the web.

Launch a new Singapore stock exchange soon

In a press release sent to Vulcan Post, Huobi Singapore said this strategic move was intended “to pave the way for the establishment of Huobi Singapore in Singapore, and underlines its commitment to function as a platform for exchange. of regulated digital assets “.

Huobi Singapore, under Huobi Technology Holdings, is building a global digital asset exchange platform and has already applied for the major payment institution license under the Payment Services Act (PSA) from the Singapore Monetary Authority.

Currently, Huobi Singapore is granted an exemption from holding a license under the PSA while the application is under review.

Image credit: Getty Images

“To provide users with a safe and secure experience, its digital asset trading platform has been designed to comply with global regulatory standards set by financial regulators, with a strong emphasis on the implementation of ‘a rigorous anti-money laundering (AML) program and a strong Know-Your-Customer (KYC) framework,’ he said.

Retail and enterprise users can expect to join Huobi Singapore’s platform (www.huobi.sg) when it launches, which is expected to take place by the end of this year, subject to obtain the necessary approvals.

The global crypto exchange has assured local users that it is “here to stay for good.”

“We are excited to launch a new platform to better meet the needs of the local market. Huobi Singapore is committed to complying with local and international regulations to provide a regulated and secure trading platform for retail users and businesses, ”said Edward Chen, Executive Director and CEO of Huobi Singapore.


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Featured Image Credit: CryptoPotato

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