The recognized cryptocurrency exchange Huobi US (HBUS) will be shutting down its trading activities on December 15. This is according to a recent notice released by the company in which they explain that they have to adapt their business strategy.
Crypto Exchange Huobi Halts Operations
The popular cryptocurrency exchange Huobi US will be ceasing its operations for customers in the coming days. The main goal is to make a return in a more integrated way that would allow them to move forward with their business strategy in the United States.
About it, the blog post released by Huobi reads as follows:
“Dear Customer, 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.”
As mentioned before, the trading services will not be available starting on December 15, 2019 at 20:30 PT/23:30 ET. It is worth mentioning that users will still be able to access their accounts and withdraw funds until January 31, 2020, 20 PT/23:00 ET.
Users can contact the company’s support email ([email protected]) if they have doubts about how to proceed or in case they have problems with their accounts.
The US exchange was launched back in 2018 after the bull run that Bitcoin and other cryptocurrencies experienced in 2017. The Huobi Group has also been working in order to expand its trading services in many other jurisdictions around the world, including Argentina, Russia or Korea.
Cryptocurrency exchanges must be compliant with the legislation in every single country. The United States is a difficult market to operate in and different platforms experienced several issues to launch their services there. Some of the digital assets offered by crypto platforms are considered securities by the U.S. Securities and Exchange Commission (SEC) meaning that not all the tokens can be offered to American citizens.
According to data provided by CoinMarketCap, Hiobi Global, which is not the same exchange as Huobi US was the fourth largest exchange in the market in terms of liquidity ($48.9 million). In the last 24 hours, $553.51 million were transacted by users through this platform.
Binance, one of the largest exchanges in the world has also decided to launch a dedicated U.S. exchange. At the moment, this became one of the leading platforms for U.S. users.