Huobi Global, one of the worldâs largest cryptocurrency exchanges by trading volumes, is winding down operations in Singapore shortly after exiting China.
Huobi will have shut down accounts of all Singapore-based users by the end of March next year, the company officially announced late Tuesday.
All Huobi clients based in Singapore should close active positions and withdraw their digital assets before March 31, 2022, Huobi said. The exchange will also gradually halt access to Huobi services in Singapore before March, the announcement notes.
The move is part of an effort to comply with relevant regulations by local financial authorities, the firm said. According to Huobiâs user agreement, the companyâs services are prohibited for persons located in the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, Crimea, Mainland China, Kyrgyzstan, the United Kingdom and others.
âThe company may suspend or terminate your account or use of the service, or the processing of any digital asset transaction, at any time if it determines in its sole discretion that you have violated this agreement or that its provision or your use of the service in your jurisdiction is unlawful,â the agreement reads.
Singapore has been emerging as a major global cryptocurrency hub recently, with local regulators issuing multiple licenses to legalize crypto trading in the country. According to Ravi Menon, managing director of the Monetary Authority of Singapore, the authority is putting âvery strong regulationâ to strengthen Singaporeâs position as the worldâs crypto center.
Huobi declined Cointelegraphâs request for further comment.
Related: ââHuobi Group is moving to Gibraltar following China crackdown
Some other global regulators have also flagged Huobiâs operations. In September, Thailandâs Securities and Exchange Commission temporarily shut down Huobiâs local subsidiary and recommended revoking its operating license with the Ministry of Finance.
The news comes shortly after Huobi was forced to exit China when local authorities announced a major crypto ban in late September. As previously reported, Huobi plans to have closed all Chinese accounts in Mainland China by Dec. 31. Founded in China in 2013, Huobi is notably tied with the country. Before the ban, its Chinese operations made up at least 30% of its total trading volumes and revenues.