Huobi Global to freeze American user accounts; Huobi U.S opens registrations - AMBCrypto
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Huobi Global to freeze American user accounts; Huobi U.S opens registrations

Sahana Kiran

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Source: Pixabay

One of the world’s leading cryptocurrency exchanges, Huobi Global has announced that it would be freezing the accounts of customers from the United States.

As per the official blog post released by the exchange, Huobi Global would be freezing the accounts of U.S users from 13 November 2019. While highlighting that the platform serves over 130 countries by abiding by the rules put forth by each, Huobi Global’s User Agreement, however, failed to comply with the laws and regulations of the United States. The blog post read,

” For that reason, the accounts of US users have been gradually disabled to prevent any further trading or transferring.”

Furthermore, the platform urged customers to withdraw all their assets and return the borrowed funds in margin trading. Details pertaining to the conversion of funds were also expanded upon in the post.

Malta-based Binance had also disabled its services to residents of the U.S. However, they soon rolled out Binance.US, a platform that was exclusively developed for U.S citizens. U.S. Huobi Global seems to be following suit, as the platform has introduced the community to Huobi US [huobi.us] in the blog post.

The blog post went on to say that Huobi US is the result of a strategic partnership between Huobi Global and San Francisco-based firm, HBUS Holdco Inc. The blog post added that registrations for the latest U.S platform were open. However, this platform, like Binance.US, would operate independently of Huobi Global.

The post read,

“HBUS holds itself up to high ethical standards with commitment to U.S. regulatory compliance, and offers a wide variety of tokens for trading, low trading fees, and 24/7 tailored customer support to American customers.

Huobi Global seems to be steering towards global expansion as the platform recently set up an exchange in Argentina and is expected to roll out a fiat gateway in Turkey for the country’s native currency, lira.

Sahana is a full-time journalist at AMBCrypto covering the US market. A graduate in Political Science and Economics, she writes mainly about regulations and its impact.