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Crypto exchange Huobi Global classifies Singapore as restricted jurisdiction

Existing Singapore-based users are given until the first quarter of 2022 to close their accounts.

Singapore / Image by: Wikimedia Commons

Thu, 11 Nov 2021, 08:35 am UTC

Due to the differences in regulations on crypto in various countries, exchanges have been making changes to their product offerings to suit the legal requirements of a specific local. One of the latest firms to make a drastic change to its services is Huobi Global, which recently announced that it will no longer accept Singapore-based users to its platform.

In an announcement on November 9, 2021, the crypto exchange explained that the company classified Singapore as restricted jurisdiction. This means that it will no longer service users located in the island nation.

“Huobi Global has always been committed to offering digital asset trading services while following all applicable laws,” the company announced. “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.”

Existing Singapore-based Huobi users are given until the first quarter of next year to close their accounts with the platform. “We will be closing the accounts of all Singapore-based users on March 31, 2022,” Huobi Global explained. “Access to our services by Singapore-based users will also be gradually phased out prior to March 31, 2022.”

The company advised users to close their positions as soon as possible as it may deny access by affected users to its platform before the end of the first quarter of next year. “All Singapore-based users should take immediate action to close out all active positions and withdraw all digital assets before March 31, 2022,” Huobi added. “We apologize for any inconvenience caused and thank you for your past support.”

Singapore isn’t the only country that made it to Huobi’s list of restricted jurisdictions. According to Coindesk, users from Canada, Crimea, Cuba, Iran, Japan, North Korea, Sudan, Syria, the U.S., and Venezuela are also banned from trading on the platform.

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