Huobi Global is exiting Singapore. What options are available for investors to transfer assets out?

Deadline: March 31, 2022

Last updated on 25 Mar, 2022 2 min read

On 9 Nov 2021, Huobi Global announced that they are exiting the Singapore market:

Dear Valued Users,

Huobi Global has always been committed to offering digital asset trading services while following all applicable laws. To comply with the laws of Singapore, we will have to include Singapore as a restricted jurisdiction. Regrettably, this means Huobi Global can no longer offer services to Singapore-based users.

We will be closing the accounts of all Singapore-based users on March 31, 2022. Access to our services by Singapore-based users will also be gradually phased out prior to March 31, 2022. All Singapore-based users should take immediate action to close out all active positions and withdraw all digital assets before March 31, 2022. We apologize for any inconvenience caused and thank you for your past support.

If you have any questions, please contact our Customer Service (support@huobigroup.com).

Source: Huobi.com

On 10 Nov 2021, Huobi Global says that its exit from Singapore is a strategic move to pave the way for Huobi Singapore, a new entity intended to operate as a regulated digital assets exchange platform in the country.

Registered as FEU International Private Limited (UEN 201912128N), the subsidiary is formally under Huobi Technology Holdings Limited. Huobi Singapore has already applied for the payment institution licence under the Payment Services Act (PS Act) from the Monetary Authority of Singapore. Currently, Huobi Singapore is granted an exemption from holding a licence under the PS Act while the application is under review.

Huobi Singapore is expected to launch by the end of 2021 and will be accessible to both retail and corporate clients, subject to necessary approvals.

Amidst these ongoing developments, Singapore based investors are searching for reliable crypto platforms to transfer their assets into - at least for the moment.

We recommend choosing platforms operating in Singapore which are either regulated by Monetary Authority of Singapore (MAS) under the Payment Services Act, or have applied for a licence while operating under a licence exemption.

List of platforms licensed and regulated by MAS

List of platforms operating under license exemption from MAS

Non-exhaustive list:

Remember to check if the chosen platforms support deposits of the particular cryptocurrencies you are holding on to at Huobi Global
Huobi Singapore
Admin
Admin

Started investing in crypto towards the end of 2020.

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