Huobi will stop giving crypto services to Singapore users

Huobi will stop giving crypto services to Singapore users 4

Huobi crypto exchange announced that it is going to stop its crypto offerings for crypto users from Singapore. 

At present, the Huobi crypto exchange is facing huge issues against its crypto exchange business. A few months back, China banned crypto trading and ordered all the crypto exchanges to get out from China and also warned all the crypto exchanges not to provide any crypto service to the Chinese users. Huobi exchange said that they will get out of China after the end of 2021. 

On 9 November, the Huobi exchange announced that it will stop crypto offerings for the crypto users of Singapore. And also ordered all its users to withdraw their crypto fund and close their positions.

The final closure of it’s crypto services will take place at the end of March. And the reason to close their crypto offerings is the order of the local financial regulators of Singapore. 

If we look at the user’s agreement then we will find that Huobi restricted the U.S, Canada, Cuba, Iran, Japan, North Korea, Sudan, Syria, Venezuela, and Crimea as of the user 26 July agreement. Now after Singapore, the exchange will not give information regarding this and users need to remain aware of their funds. 

Singapore – A crypto Hub 

Singapore is a well-known place for the crypto business. In the very starting phase of the revolution of the crypto industry, Singapore’ MAS agency adopted better rules and regulations to welcome the crypto industry for their citizens.

A few months back, the MAS agency of Singapore started to give licenses to payment services based companies, which want to provide digital token-based services. 

At present, there are many companies, which applied for the crypto license by the MAS agency. In these companies, Huobi, Binance’ subsidiary is also included. So there are huge chances that Huobi may come back in future.

Read also: Chinese CBDCs is more secure than normal payment apps, says Chinese central bank governor

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