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Huobi Global stops services at S’pore to launch the new S’pore platform – Wired PR Lifestyle Story

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Huobi Global will stop crypto-exchange services for Singapore users and close all their accounts on March 31, 2022.

Crypto-exchange said a statement on its website that it does so in compliance with Singapore law. “We will have to enter Singapore as a limited jurisdiction. Unfortunately, this means that Huobi Global can no longer provide services to Singapore users. “

“All Singapore users should take immediate action to close all asset positions and withdraw all digital assets by March 31, 2022. We apologize for any inconvenience caused and thank you for your past support,” Huobi Global said.

Crypto-exchange is available via iOS, Android and the web.

The new Singapore exchange is set to launch soon

In a media release sent to the Vulcan Post, Huobi Global said the strategic move “underlines Huobi Singapore’s commitment to pave the way for Singapore’s establishment and to act as a regulated platform for the exchange of digital assets.”

Huobi Singapore, under the auspices of Huobi Technology Holdings, is building a global platform for the exchange of digital assets and has already applied for a Licensing Payment Services Act (PSA) from the Singapore Monetary Authority.

Currently, Huobi Singapore is exempt from having a license under the PSA while the application is being examined.

Image Credit: Getty Images

“To provide users with a safe and secure experience, its digital asset exchange platform is designed to comply with the global standards set by financial regulators, with a strong focus on the rigorous and robust Anti-Money Laundering (AML) program. The Know-Your-Customer (KYC) framework.” he said.

Retail and corporate users can expect Huobi to launch on the Singapore platform (www.huobi.sg), and it is expected by the end of this year if it obtains the necessary approvals.

It ensured that global crypto-exchange is for local users to “stay forever”.

“We are pleased to be able to better meet the needs of the local market to launch a new platform. Huobi Singapore is committed to complying with local and international regulations to provide a regulated and secure trading platform for retail and corporate users, ”said Edward Chen, Singapore’s CEO and CEO of Huobi Singapore.


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Featured Image Credit: CryptoPotato



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