Huobi Pulls Plug on Services in Singapore

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.

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 report on Thursday. Bybit and KuCoin have also set up their headquarters in the city.