As per the latest reports, Huobi Global has made a huge announcement for the cryptocurrency community in Singapore. The exchange has announced that it is going to exit the Singapore cryptocurrency market. The exchange has announced that it will no longer be providing its services in Singapore.
Singapore is not the only country Huobi Global would have left in the Southeast Asian region. Just recently, Huobi Global had exited China but there, the exchange did not leave willingly. Instead, the exchange had to exit because of the Chinese regulators’ crackdown over the cryptocurrency firms in the country.
The country had banned cryptocurrency activities back in 2017 but wasn’t enforcing the orders. The Chinese regulators went ahead and fully banned/kicked out cryptocurrency firms starting May of 2021.
The exchange has announced that it is going to fully end its services in Singapore in the year 2022. The exchange has announced that it is planning to do it by the end of the first quarter of 2022.
The exchange made the announcement of decommissioning its services for Singapore users by the end of March of 2022. The announcement was reportedly made by the officials at the Huobi Exchange on Tuesday, November 9, 2021.
The exchange has made it clear that the services will be fully decommissioned for the Singaporean users of the exchange by the end of March. The exchange has instructed all the users to ensure they fully close their active positions. In addition to that, the exchange has also instructed all the users/clients to ensure they withdraw their digital assets and funds.
According to the exchange, the users/clients are to ensure they do it by March 31, 2022. The exchange has also revealed that it will start closing out its services for users from Singapore. The exchange will start doing it gradually so it is not done all of a sudden.
The users from Singapore will have their access to different services on the exchange halted and then revoked gradually.
The exchange officials have announced that they had to do it because they want to operate in the most regulated way and environment possible. The local financial authorities have imposed limitations and restrictions on the cryptocurrency firms in the country. Therefore, the exchange is going to comply with them and ensure it does whatever there is in its power to comply with the guidelines.
Huobi Exchange is one of the largest cryptocurrency exchanges in the entire world. The trading volume the cryptocurrency exchange exhibits are also among the largest of cryptocurrencies in the entire crypto-verse.
In addition to China and Singapore, Huobi has been prohibited from operating in several countries. These countries include the United Kingdom, Crimea, Venezuela, Iran, Cuba, and many more.