In compliance with financial regulations, the global crypto exchange Huobi has decided to suspend its operations in Singapore. The move came after Huobi exited China, where the company was previously based.
According to a tweet posted by crypto-journalist Colin Wu, Huobi will close all Singapore- based accounts in March 2022.
“Access to our services by Singapore-based users will also be gradually phased out prior to March 31, 2022. All Singapore-based users should take immediate action to close out all active positions and withdraw all digital assets before March 31, 2022,” Huobi noted in the official announcement.
Binance had also enforced similar actions after restricting access to ‘Binance.com’ for Singapore users on October 26. Like Binance, Huobi is also believed to shut down services due to concerns over violations of the payment services law enforced by the central bank of Singapore (MAS).