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Cryptocurrency exchange Huobi Global today announced plans to freeze funds from U.S. users on November 13 to comply with U.S. law. The Singaporean exchange encourages U.S. customers to move towards its US-based partner, Huobi US.
Huobi Global exchange said it has been gradually disabling U.S. accounts, preventing them from trading or transferring funds. But on November 13, it’ll cut off any remaining U.S. users from its service.
This is because Huobi Global’s user agreement “expressly prohibits users in the United States from using our platform,” according to today’s statement from the company. Huobi Global wants to stay in line with regulations.
The exchange asks U.S. users to “please return” margin trading funds, and to withdraw all assets. Users unsure of what to do should “kindly approach customer support,” and Huobi Global will escort them to the exit.
Any accounts with funds less than the minimum withdrawal amount, or unused Point Cards, can convert to BTC/USDT before withdrawing. Those who reach out to customer support before this Sunday will have remaining balances converted on Tuesday, according to prices from last Sunday.
Then, it’s on to Huobi US, Huobi’s US outpost that was set up earlier this year.
Americans moving to Huobi US from Huobi Global might find the switch inconvenient. But it’s nothing U.S. crypto users haven’t dealt with before. A few months ago, Binance similarly shut off access to U.S. users before opening its own US outpost, Binance.US.
Just as on Binance.US, which went live with seven cryptocurrencies compared to Binance’s 500+, Huobi US’ offering is relatively sparse. Huobi Global offers over 500 tokens. Huobi US, just 56.