The cryptocurrency exchange, one of the world's largest, will be gradually phase out access to its services for Singapore-based users and close their accounts on March 31, 2022, to comply with local regulations.
«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,» Huobi said in an announcement, advising them to «take immediate action to close out all active positions and withdraw all digital assets.»
In a statement, Huobi said this was a planned move ahead of the launch of Huobi Singapore – a new, regulated entity that is expected to launch by the end of the year.
«Huobi Singapore is here to stay for good…and we are excited to launch a new platform…committed to complying with both local and international regulations to provide a regulated and safe trading platform for retail and corporate users,» Edward Chen, executive director and CEO of Huobi Singapore, said.
Crypto Hub Ambitions
In September, MAS ordered Binance to halt services for Singapore-based users. The regulator said the exchange provided payment services to and solicited business from Singapore residents without an appropriate license.
Despite this, Singapore is among the most crypto-friendly jurisdictions globally, with the Monetary Authority of Singapore trying to position the city-state as a global crypto hub.
Some 70 firms, including the Singapore units of Coinbase, Kraken and Binance, are seeking permits to provide cryptocurrency services in the city-state, according to a «Bloomberg» report on Thursday. Bybit and KuCoin have also set up their headquarters in the city.
