Huobi Global to terminate accounts of all US customers soon

Huobi exchange, a major cryptocurrency exchange, has recently announced that it will freeze all customers’ accounts in the US on Nov. 13. Huobi stated in a blog post that its user agreement does not allow US customers to use its trading platform. Due to this, the exchange will be deliberately closing their accounts to “prevent any further trading or transferring.”

The US customers will be granted a grace period until Nov. 13. Before this date, the exchange will facilitate refunds in Bitcoin (BTC) or Tether (USDT). It will also direct the customers to return their borrowed funds in margin trading and withdraw any remaining cryptocurrencies from their accounts. The exchange will freeze all the US accounts after this date. In the announcement, Houbi said that it had to forbid the US customers from using the platform because of the harsh American regulatory environment for cryptocurrencies. 

However, this is not the complete withdrawal of Houbi Global from the US market. Huobi will push the users towards its “exclusive US strategic partner,” HBUS. Based in San Francisco, HBUS will serve customers in the US Similar to Binance.US, HBUS runs and operates independently from the larger exchange. 

Huobi Global will also attend the blockchain festival BlockShow Asia 2019 in Singapore, which is scheduled for Nov. 16. Josh Goodbody, head of Europe and the Americas for Huobi Global, will also give his views at the Crypto DeFiance event at the festival. Goodbody will speak on matters like the fate of traditional finance and the advantages of decentralized exchanges to blockchain security.