Huobi is closing its operation in Singapore shortly after exiting China

Huobi

In accordance with Singapore’s cryptocurrency regulations, Huobi Global has announced that it will be closing all of its local accounts. By March 31, 2022, one of the world’s biggest digital currency exchange will have to shut doors for new customers and terminate accounts.

According to a company announcement on their website on 9 November, Huobi global revealed that it will cease providing cryptocurrency services in order to comply with Singapore’s rules. Despite its reputation as a cryptocurrency haven, Singapore was deemed a restricted jurisdiction by the firm.

The site also made it clear that the phase-out would be gradual. They urged their account holders to close all of their active accounts and withdraw any remaining cryptocurrencies in immediate action.

Are Crypto regulations affecting Huobi?

This announcement follows another restriction by China for Huobi. Recently, China imposed a crackdown on cryptocurrency. Despite being a major Chinese cryptocurrency exchange, Huobi announced that it would no longer accept new registrations from users in China.

On the other hand, Huobi will remove existing mainland China customers by December 31, 2021. Hong Kong consumers, however, were not affected by these restrictions.

However, Huobi discovered a crypto-friendly location that surpassed those countries in the face of Gibraltar. The company was granted a license by the Gibraltar Financial Services Commission to transfer its business to Huobi Gibraltar, as reported by The Coinrise.

To make up for the loss of Chinese consumers, who made up half of its user base and a third of its income, Huobi has been attempting to expand internationally.

Earlier in the year, Huobi Global expanded into the Latin American market as well. This was following a collaboration with a local cryptocurrency platform Latamex. Users in Brazil, Argentina and Mexico were able to use their national currencies to purchase bitcoin and other cryptocurrencies.

Huobi Global is still a major virtual asset financial service provider, with operations in over 130 countries throughout the world.