Crypto exchange Huobi Global has just announced it has decided to halt its services in Singapore.
As reported yesterday by the company through an announcement, the company will close the accounts of Singapore users by the end of March 2022.
According to the platform, all users in the country must close active positions and withdraw their digital assets by March 31, 2022.
Notably, before the final shutdown takes place in March, the exchange will also gradually discontinue access to Huobi’s services in Singapore.
The decision is part of the company’s efforts to comply with relevant regulations from local financial authorities. According to Huobi’s user agreement, the company’s services are prohibited for people located in countries such as the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, Crimea, mainland China, Kyrgyzstan and the United Kingdom, among others.
The company has decided to suspend its operations in Singapore shortly after Huobi was forced to leave China due to the crypto ban imposed by local authorities in late September.