Huobi to suspend services for its Singapore-based customers By BTC Peers
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© Reuters. Huobi will suspend its services for Singapore-based clientsAn announcement by Huobi Global on Nov. 9 stated that the Seychelles-based crypto-exchange Huobi Global had decided to conform to Singapore laws and halt its offering to Singapore-based clients.
“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,” said the announcement.
This exchange will gradually remove access to its services, and it also plans to shut down all accounts from users located in Singapore by March 31, 2022. Customers in the region were urged to close any active positions as soon as possible and withdraw all digital assets prior to the deadline.
The decision by the company, which was initially founded in China, is part of its plan to prioritize its global expansion and regulatory compliance after it restricted its Chinese customers from accessing some of its services following the country’s crackdown on crypto operations.
Huobi Global, however, announced this week that it has been given the go ahead by the Gibraltar Financial Services Commission for spot trading to be moved to the Gibraltar Financial Services Commission. Since 2018, the firm has had a distributed ledger license in Gibraltar.
Current regulations in Singapore require cryptocurrency exchanges to have a license under the city-state’s Payment Services Act (PS Act) before they can provide digital payment token services in the country.
Institutions have been exempted from the requirement to hold a license under the PS Act. These exemptions allow them to offer services as their license applications are processed. These exemptions become invalid the moment the entity’s license application is approved, rejected, or withdrawn.
The Monetary Authority of Singapore, (MAS), has issued licenses for Singapore-based payments providers. This includes FOMOPay, DBS banks brokers, DBS Vickers, DBS Vickers, as well as the Australian cryptocurrency trading platform, Independent Reserve.
Huobi, however, was not on the MAS List of Entities that Have Been Exempted from Holding a License Under the Payment Services Act nor was it on The Non-Exempted Entities.
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