If you can’t stand the heat, you’re supposed to leave the kitchen, right? Well, the Singapore-based crypto exchange Huobi is ready to step out of all the heat and drama surrounding the U.S. crypto industry for good (or at least until the U.S. would present clear crypto regulation).
Huobi Global is unarguably one of the largest crypto exchanges across the globe. Although it was originally founded in China (which is not very crypto friendly), it currently boasts over five million users scattered across more than 130 countries around the world.
With such a huge global customer base for a crypto exchange, it comes without shock that the company will have to be subjected to various rules and regulations across the different nations in which it operates. Even worse, the crypto world is such a diverse ecosystem with constantly fluctuating rules, that this makes it harder to serve as many people as it would love to.
It seems the heat has caught up with the cryptocurrency exchange already, which is not ready to get burnt this time. Accordingly, starting November 13, 2019 (GMT +8), every U.S. user will be locked out of the platform.
The cryptocurrency trading platform has already started the mass eviction; however, U.S. users still have until November 13th to exit the platform. By all indications, this is as a result of the crypto exchange’s inability to meet the SEC’s rules and regulations.
Be that as it may, Huobi’s exchange also has a subsidiary in the US that it claims is more law abiding, especially to the U.S. laws. So, U.S. users are not completely kicked out the door. They can register with Huobi’s subsidiary Huobi US (HBUS) and enjoy even more advantages.
Besides HBUS, every U.S. user is strongly prohibited from using the platform. U.S. users are provided with two options to convert their residual assets as they take their leave.
Option 1: BTC/USDT Purchases
Option 1 entails refunding your residual asset points according to your purchased price and token used. This option is exclusive to users who wish to convert points to Bitcoin(BTC)trade or Tether (USDT) only. To use this option, you are required to provide your UID, name, and purchase details of the Point Card.
Option 2: Other Digital Coins
This option is reserved for those who which to convert digital coins (BTC, BCHM, ETH, USDT, LTC, and ETC) used to purchase the Point Card into BTC/USDT. You are to provide your UID, purchase details of the Point Card, your name, and
Note: Users only get one option and it cannot be changed. Consequently, users are advised to be sure before choosing any of the options.
Furthermore, users who contacted customer support before Sunday 12:00 GMT +8 will have their residual digital assets converted by Tuesday next week based on prices on Huobi Global as of Sunday 00:00 GMT +8.
Making the transfer a lot more easier, the platform is giving users the opportunity to swap their HB10 balance into the underlying token via the firm’s WEB interface. This allows you to withdraw your funds to other crypto exchanges.
In conclusion, users who wish to continue with HBUS are advised to visit the official site to register.
This is not the first crypto exchange that decides to close the doors to U.S.-based users. Abra and Bittrex have both already limited their cryptocurrency services for users from the United States.
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