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In an effort to comply with regulations by local financial authorities, one of the largest cryptocurrency exchanges in the world, Huobi Global, is ceasing operation in Singapore.
Shortly after exiting mainland China, Huobi has decided it will shut down accounts of all Singapore-based users by the end of March 2022. The exchange made the announcement on Tuesday.
Huobi will gradually halt access to its services in Singapore towards their March deadline and urges its Singapore based clients to close active positions and withdraw their digital assets before March 31, 2022.
Huobi is stepping up its compliance. The company’s terms and conditions clearly state the prohibition of its services for anyone located in countries like the United States, Canada, Japan, Cuba, Iran, Venezuela, Singapore, Crimea, Mainland China, Kyrgyzstan, the United Kingdom and others. The end user agreement states:
“The 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.”
Although Singapore has emerged as a major cryptocurrency hub, its Monetary Authority of Singapore has put some serious regulations in place. Nevertheless, it has issued multiple crypto licenses and crypto trading is legal in the country.