HBUS, the U.S. affiliate of the Huobi Group exchange, announced Monday it would cease operations in the coming weeks.

The company said in a notice that it would shut down trading services on Dec. 15, 2019. Customers have until Jan. 31, 2020 to withdraw all of their assets. Any customers who have insufficient balances to meet the minimum withdrawal requirements “are encouraged” to convert their assets into another crypto or fiat to see if they can meet alternative minimum requirements, according to an FAQ.

Deposits will also no longer be accepted.

The news comes roughly a month after Huobi Group announced it would force its U.S.-based customers to use HBUS as part of a measure to comply with U.S. laws.

The company said Monday the move is specifically “so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout,” though no further details were provided.

HBUS did not immediately return a request for comment.

The U.S. exchange launched in early 2018 and is registered as a money services business with the Financial Crime Enforcement Network.

The exchange also launched an institutional sales and customer service group earlier this year, targeting large players for its OTC desk.

Huobi Group, unlike its U.S. affiliate, has been growing its operations recently, announcing last week that it would join a blockchain alliance led by the Chinese government.

In September, the exchange opened up a presence in Argentina.

Read more about...

ExchangesHuobiHBUS
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.