05 November 2019, AtoZMarkets – The Huobi Cryptographic Currency Exchange is expected to finally cease to support US users by the end of the month. The Singapore based exchange, considered one of the largest in the world for years, has gradually disabled the US accounts. The exchange will disable all the accounts on 13 November, and it will block completely. Recently, Huobi is planing a backdoor IPO in Hong Kong.
Huobi Global will freeze all US clients accounts
Although it was one of the first to adopt cryptocurrencies, the United States has been very problematic for most crypto exchanges. International exchanges have been particularly difficult, with US regulators being very strict in this regard. And it's not just foreign exchanges that have had problems. American exchanges such as Seattle-based Bittrex and San Francisco-based Kraken also had clashes with regulators.
For Huobi, the end of its time in the United States has arrived. And the exchange said that under the laws and regulations of the United States regarding crypto assets, its prohibited use agreement, US users had been phased out to prevent further trading or transfer. And it will freeze all US user accounts as of 13 November. 2019 (GMT + 8).
The exchange requires all US clients to withdraw their assets by the 13th day and traders who engage in margin trading to return the funds it has borrowed. Those whose balance is less than the minimum withdrawal amount is asked to contact customer service for assistance.
Read More: China Launches Blockchain-Based Smart Cities Identification System
Huobi Initially Targeting Other Market
Huobi has dominated the crypto exchange scene for a while. And while still relatively large, it has since been overshadowed by other exchanges. Initially targeting the dynamic Chinese market, it had to change direction when Chinese regulators banned the crypto trade. It then opened offices in Japan. And it is now based in Singapore. Moreover,
Huobi's international expansion has allowed obtaining a crypto license in Thailand, where it hopes to compete with some of the significant local platforms. It also attempted into the Turkish market, with Argentina on its radar. Two months ago, it also stated that it was launching its blockchain-powered phone. It was seeking to expand in hardware. And it wants to compete with companies such as HTC and Sirin Labs.
Think we missed something? Let us know in the comments section below.