June 18, 2024

Huobi is preparing to completely freeze the accounts of US traders

Huobi is preparing to completely freeze the accounts of US traders

Huobi, a popular Singapore-based crypto exchange, has decided to completely block the accounts of US users from 13November 2019

The exchange published on its official websiteAccount lockout message managed by US residents. The platform’s User Agreement contains a clause prohibiting US investors from using the services of the exchange, but this did not stop some American traders. Huobi always strictly limited services for users from America, but there were various workarounds and many users from the USA could create accounts and make limited transactions on the trading platform.

Huobi offered its American customers a grace period until November 13th so that they had the opportunity to return their Huobi Point Cards and reset their account balances.

Users will also be able to withdraw their funds.US exclusive strategic partner for Huobi Global, HBUS. HBUS complies with US regulations and also offers a wide range of tokens for trading.

Huobi remains one of the largest crypto exchanges in Asia.

Several times the exchange platform recordedThe largest trading volume in the region. After China and other countries began to crack down on crypto platforms, Huobi began looking for opportunities to expand its business operations in other countries. Recently, the Huobi Group opened offices in Korea, and then in Japan.

At the same time, the United States has failed to outline an effective framework for the operation of crypto exchanges. There are no specific rules in the country regarding paying taxes, doing business, etc. 

In the summer, another major crypto platform, Binance, denied American users access to their global version of Binance.com.