World’s crypto exchanges is shutting accounts in Singapore, weeks after it exited China. Huobi Global, a cryptocurrency exchange based in Singapore. Has stated that it is ceasing its operations for its Singaporean customers. Just weeks after being forced to close its operations in China. Due to a government crackdown on cryptocurrencies.
On Tuesday evening, Huobi, the world’s sixth-largest cryptocurrency exchange. By volume, according to World’s crypto CoinMarketCap, said that it would have to include Singapore. As a restricted jurisdiction in order to comply with Singaporean rules. “Unfortunately, this implies that they will no longer be able to provide services. To users in Singapore,” the company stated on its website.
The platform will close all of its Singaporean users’ accounts by March 31 of next year. And access to Huobi services will be “gradually phased off” starting on that day. It is according to the announcement. Users living in Singapore should take “urgent action” to cancel their active positions. To also withdraw their digital assets before the deadline, according to the company Huobi.
It was not immediately obvious what had prompted Huobi’s decision to withdraw from Singapore. However, the World’s crypto business announced late Wednesday that it was “planning” to wind down services in Singapore. In order to set up Huobi Singapore, a new. Regulated corporation that is slated to launch by the end of the year.
A statement from Edward Chen, executive director and chief executive of Huobi Singapore. Promised the local user community that “Huobi Singapore is here to stay for good. A nd we are thrilled to announce the launch of a new platform.”
Singapore has been more open to cryptocurrency than other Asian countries
Singapore has taken a more positive stance toward cryptocurrencies than some of its regional counterparts have. The Monetary Authority of Singapore (MAS), which serves as the city’s de facto. Central bank, issues licenses to cryptocurrency exchanges and other relevant businesses in the country.
Huobi Singapore is a subsidiary of FEU International, which is a subsidiary of Huobi Technology. Which situated in Hong Kong. The Malaysian Anti-Money Laundering (MAS) has granted the platform. An exemption from the requirement to have a license while its application. Under the Payment Services Act reviewed.
Huobi competitors Coinbase and Kraken, among others, have applied for licenses with the MAS. Bringing the total number of applicants to 170. A number of international cryptocurrency exchanges. Such as Bybit and KuCoin, have also established headquarters in the city.
MAS managing director Ravi Menon said in an interview with Bloomberg on Nov. 1. That the “best approach is not to clamp down on or ban these things.” “The best approach is not to clamp down or ban these things,” he added.
Menon, on the other hand, supports for “strict controls” for what he refers to as “crypto tokens.” The Malaysian Securities Authority (MAS) is optimistic about the possibilities of cryptocurrency. And blockchain, particularly in terms of accelerating cross-border payments and trade financing. But has cautioned retail investors against using the “tokens” as investment assets.
Du Jun, one of Huobi’s cofounders, is based in Singapore and contributes to the company’s operations.
It follows Huobi’s decision on Monday to shift its spot trading services from Seychelles. Where it was operating as a registered but unregulated firm. To Gibraltar in order to “align with…the global crypto industry. Heading towards compliant growth,” according to the platform.