Digital Currency Revolution Series: Huobi Likely To Freeze US Clients Accounts And Directs To Domestic Players

The renowned cryptocurrency exchange, ‘Huobi Global’ has made an announcement that it is most likely to freeze the accounts of the United States clients from November 13th onwards.

As per the announcement, in line with the laws and regulations of the United States with respect to crypto assets, the user agreement expressly prohibits their clients in the U.S. from using its trading platform. On account of this, Huobi has been disabling U.S customers’ accounts in order to “prevent any further trading or transferring.”

They also apologized to their client base for the inconvenience caused and requested to return the borrowed fund used for the margin trading and withdraw all the assets balance. They are providing the US clients with a grace period until November 13th to get it done. Until then, the platform is readily available for the refunds in Bitcoin (BTC) or Tether (USDT).

Huobi exchange recently went live in Argentina, but for now, this news of US accounts freezing came in which resembles similar approaches taken by other renowned exchanges, just like Binance, who also did the same back in June and routing their existing clients to BAM which is a FinCEN-registered partner.

Huobi appears to be very keen on its global presence, which is why they are taking such restructuring decisions, in addition to the above, they are also expected to go live of fiat gateway in Turkey as well for their domestic currency, ‘lira’.