Huobi Global to Restrict Trading Services in Singapore
- In order to comply with local regulators, Huobi revealed it will be shutting down its operations in Singapore by 31 March, 2022.
- Users in the area have been advised to close down their positions, and withdraw their digital assets before that date.
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Popular cryptocurrency exchange Huobi Global will be restricting its services in Singapore in order to comply with local regulators, the company said in a notice on 9 November.
According to the announcement, the exchange plans to gradually restrict its services in the area, and ultimately close down all Singapore-based user accounts by the end of March 2022. Huobi also advised its Singaporean customers to close down their positions, and withdraw their funds before 31 March next year. The exchange said in a statement:
“Huobi Global has always been committed to offering digital asset trading services while following all applicable laws. 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.”
The move comes shortly after Huobi revealed it will be shutting down its operations in mainland China — which back in September launched another crackdown on crypto trading in the country — and gradually retire existing accounts by the end of 2021. According to the company’s user agreement, which was updated back in July, the list of countries that are prohibited from using the exchange’s services include the United States, Canada, Japan, Cuba, Iran, Venezuela, Crimea, Kyrgyzstan, the U.K., and others.
Singapore has been trying to become a global cryptocurrency hub for some time now, and has started issuing multiple crypto trading licenses in the country. Huobi is also among the firms that have applied for a digital token payment license, under Singapore’s Payment Services Act (PSA), through its local affiliate Feu International.
The exchange recently revealed it will be focusing on global expansion and regulatory compliance, and as such as decided to move its spot trading services and technology to Gibraltar. Earlier this week, Huobi announced it has received a license from the Gibraltar Financial Services Commission (GFSC) enabling it to use DLT for storing or transmitting value belonging to others to or from Gibraltar.
- The requirement to deposit customer assets into a statutory trust comes as a result of a MAS public consultation from October 2022 focused on reducing risk in crypto trading.
- Singapore’s central bank also restricted crypto firms from facilitating lending and staking to retail customers, though the services are still available to institutional clients.
Monetary Authority of Singapore building. The Straits Times
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
- The current governor of Florida, Ron DeSantis, announced he is joining the race for the 47th president of the U.S. during a Twitter Spaces event on Wednesday.
- During his speech DeSantis declared his support for Bitcoin and the wider crypto space, noting that if Joe Biden is re-elected “they’ll probably end up killing it”.