Huobi Global to Freeze Remaining U.S. Accounts to Comply With Local Regulations

Popular cryptoasset exchange Huobi Global has announced it’s set to freeze the accounts of its U.S. users on November 13 in a bid to comply with local laws and regulations.

According to the exchange’s post, Huobi Global’s U.S. users should move to HBUS, a San Francisco-based firm affiliate with Huobi’s global brand that has been running since last year and is led by Frank Fu, who previously worked at Chinese photo-editing app Meitu.

The post reads:

In line with the laws and regulations of the United States with respect to crypto assets, our User Agreement expressly prohibits users in the United States from using our platform.

Huobi detailed it has been gradually phasing out U.S. users, and noted all outstanding balances have to be withdrawn before November 13. It offered to help traders who have amounts below the withdrawal minimums, so it doesn’t keep U.S. customers’ funds.

The platform’s users can receive their funds in BTC or in Tether’s USDT stablecoin. Huobi is also set to refund points card purchases in USDT, at a 1:1 Ratio. Earlier this year Huobi competitor Binance was also forced to boot U.S. users out of its main platform and push them to a local affiliate, Binance.US.

Binance.US is operated by a FinCEN-registered firm called BAM Trading Services, and has been gradually adding new cryptocurrencies to the platform.

Featured Image via Pixabay.