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Huobi said all outstanding balances must be withdrawn by the Nov. 13, and offered to assist users holding amounts below the withdrawal minimum via customer support.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 image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.