Huobi Global Withdraws From Singapore!

Huobi Global withdraws from Singapore. The stock market had previously withdrew from China due to bans.

Despite being one of the China-based exchanges, the Huobi exchange, which gradually left the country over the years and closed its doors to Chinese users after the cryptocurrency bans, decided to implement a similar process for Singaporean users. Half of the company's user base and 30% of its revenues came from China, which had previously announced that it would try to cover the loss of customers in China by expanding overseas. As it is known, Singapore is known as the crypto center of the last period. It was announced that the country, which is a scrutinizing type of regulation institution and where the necessary licenses are given to companies in a "less and succinct way" in their own words, is on Huobi's "restricted regions" list, and users are asked to withdraw funds and close their positions until the end of March. Huobi has also applied for a license to the Monetary Authority of Singapore through its Singapore-based company, Feu International. Therefore, it is thought that the Huobi brand may have been closed to Singaporean users for this reason. Feu International is a subsidiary of Huobi Tech. Huobi Tech, on the other hand, operates as an independent company from Huobi Global, according to the company's own statement. But the founder of both companies is the same, Leon Li. Apart from Singapore, Huobi's list of restricted regions also includes the USA, Canada, Cuba, Iran, Japan, North Korea, Sudan, Syria, Venezuela and Crimea.