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Crypto exchange Huobi Global will be stopping its services to Singapore-based users and closing all their accounts on March 31, 2022.

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

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

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

To launch new Singapore exchange soon

In a media statement sent to Vulcan Post, Huobi Singapore said the strategic move has been planned “to pave the way for Huobi Singapore to establish in Singapore, and underscores its commitment to operate as a regulated digital assets exchange platform.”

Huobi Singapore, under Huobi Technology Holdings, is building a global digital assets exchange platform, and has already applied for the Major Payment Institution Licence under the Payment Services Act (PSA) from the Monetary Authority of Singapore.

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

Image Credit: Getty Images

“To provide users with a safe and secure experience, its digital assets exchange platform has been designed to comply with global regulatory standards set by financial regulators, with a strong focus on implementing a rigorous anti-money laundering (AML) program, and a robust Know-Your-Customer (KYC) framework,” it said.

Retail and corporate users can look forward to join Huobi Singapore’s platform (www.huobi.sg) upon its launch, which is expected to be by the end of this year, subject to securing the necessary approvals.

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

“We are excited to launch a new platform to better serve the needs of the local market. Huobi Singapore is committed to complying with both local and international regulations to provide a regulated and safe trading platform for retail and corporate users,” said Edward Chen, executive director and CEO of Huobi Singapore.

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Featured Image Credit: CryptoPotato

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)