Huobi Global Is Forcing US Customers to Use Its Local Partner

Huobi Global will kick all of its U.S. customers off its platform later this month.

The cryptocurrency exchange announced it would freeze all U.S. accounts on Nov. 13, framing the move as a compliance step made to conform to U.S. laws and regulations. Huobi is recommending that customers transfer their assets to HBUS, the U.S. firm affiliated with the global brand.

"Our User Agreement expressly prohibits users in the United States from using our platform," Huobi said of its main platform.

The move finalizes Huobi’s drawn-out shuttering of U.S. accounts as as it continues to push users to HBUS, which is based in San Francisco. Led by Frank Fu, formerly of Chinese photo editing app Meitu, HBUS has been operating within the U.S. since early last year.

Huobi said all outstanding balances must be withdrawn by the Nov. 13, and offered to assist users holding amounts below the withdrawal minimum via customer support.

Customers can receive their funds in bitcoin or USDT, according to the announcement. Huobi also pledged to refund points card purchases at a 1:1 ratio in USDT.

Huobi’s account freeze parallels similar steps by other international exchanges. In June, Binance also cracked on American users, pushing them to a FinCEN-registered partner.

Huobi image via Shutterstock