Huobi’s United States-based crypto exchange operator, HBUS, announced in a tweet posted on December 9 that it is shutting down. The San Francisco-based crypto trading platform said that it regretted to inform its users that it will cease all operations. The move was made to enable the company to return in a more integrated and impactful manner in line with its current strategic layout.
This announcement follows the decision by Huobi Global to freeze all U.S. users’ accounts by mid-November. Huobi said that the American regulatory atmosphere for digital assets and cryptocurrencies had forced it to ban U.S.-based customers from the platform.
But, Huobi Global had said at that time that it would not leave the United States market in entirety. However, it plans to direct the American users toward its “exclusive U.S. strategic partner,” the HBUS. This platform resembles Binance.US in that it is operated independently from the global exchange.
Huobi’s Global Ascension
Huobi Group unveiled an exchange in Argentina in September aiming to add support for a fiat-to-crypto gateway. Huobi successfully launched Huobi Argentina using Huobi Cloud. This service enables customers to set up over-the-counter (OTC) and digital asset exchanges on top of Huobi’s current platform.
Huobi’s Thailand-based subsidiary in late July secured the country’s fifth official license to manage a fully-regulated digital asset exchange. Then, in October Huobi announced that it would unveil a fiat gateway aimed at supporting and transacting in the Turkish Lira later this year.
The company also announced that it had successfully established a local team during an inaugural event. The company also set up a mobile application, localized language option, exclusive trading fees, and a lengthy strategy for Huobi Turkey.
Also in July, Huobi’s Thailand-based subsidiary got the country’s fifth official license to operate a fully-regulated digital asset exchange. Huobi Thailand is expected to launch before the year ends providing both fiat on-ramps and regulated crypto-crypto trading on-ramps.