Huobi Group’s U.S. subsidiary, HBUS, is closing less than a year and a half after beginning its operations in the country, but could come back.
According to an announcement made Dec. 9, the U.S.-oriented exchange will be ending its trading services on Dec. 15, giving current clients until Jan. 31, 2020 to withdraw their funds. The platform opened the door for a possible return in the future, stating the cease in operations will allow them to return in a more “integrated and impactful fashion” as part of an ongoing strategic layout.
HBUS Cease to Operate: We regret to inform you that HBUS will need to cease operations so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout. Please refer to our FAQ and contact [email protected]
— Huobi US (@Huobi_US) December 9, 2019
News of the closure follows just a month after Huobi froze the accounts of all U.S.-based clients, telling them to instead use HBUS. Huobi Group’s announcement, made in November, said their user agreement “expressly prohibits users in the United States from using our platform,” and encouraged clients to instead “open an account in HBUS, if needed”.
HBUS, a fully compliant U.S. entity, first launched in July 2018 after long negotiations with the Huobi Group to license their software and use the Huobi domain.
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