- Huobi exchange set to freeze US customers from trading next week.
- The lack of regulation in the US to blame for the closure of cryptocurrency exchanges.
- Huobi expands to other regulation friendly jurisdictions around the world.
The vague stance towards the regulation of the cryptocurrency industry in the United States is gradually locking out more and more exchanges from operating in the country. Earlier in the year, Huobi exchange included a clause prohibiting US customers from trading on the platform on its Terms and Conditions, but a couple of traders have violated this rule repeatedly which has forced the exchange to completely freeze out the US traders starting November 13th.
No more Trading for US Customers
According to a post published on Huobi’s official page, US traders will be locked out from accessing deposit and withdrawal services on the platform starting Wednesday, 13th November – this time permanently. US customers were banned from the platform at the start of the year but traders devised a way around the ban using private VPNs to keep trading.
While trading remains off-limits to US traders on Huobi, the exchange is taking a lean stance on the matter allowing the traders to withdraw their funds. The post further warns US traders to clear their accounts before the deadline stating,
“Please return your borrowed fund in margin trading and withdraw all your assets balance.”
The post explains more about how you can convert your cryptocurrencies and withdraw your tokens safely here.
Too Slow or Getting it Right? US Regulators Pushing Business Away
The state of crypto regulation in the US is terrible, to say the least, as authorities take their time to “get it right.” Well, the consequences of financial and technological authorities working the regulations slowly are creating a loss of business to other regulation-friendly states with clear systems in place.
While Huobi is closing up business on the largest economy in the West, other jurisdictions are benefiting from Huobi’s innovations and products. The exchange announced they will be opening in Turkey before the end of 2019, launching on-ramp fiat payments between the Lira and Tether.
Furthermore, on Nov. 1, the exchange announced the expansion of the Huobi Cloud, a platform that enables businesses to create their own exchanges, into the Middle East and Africa
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