After a little more than a year of business, Huobi US (HBUS) will be ceasing all operations. The move will take effect as of December 15, 2019, with customers able to access their accounts for withdrawal up until January 31, 2020.
The move represents a swift end for HBUS, having been in operation since the middle of 2018.
The company’s rational for the decision reflects a need to shutter its operations so that, ‘it can return in a more integrated and impactful fashion as part of its ongoing strategic layout.’
Writing on the wall?
Last month, Huobi made the decision to freeze all accounts of US users on November 13. At the time, the company reported this decision was fuelled by questions of regulatory jurisdiction.
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In particular, the group cited its user agreement expressly prohibits customers in the US from using its trading platform. Consequently, Huobi had been slowly disabling its US customers’ accounts to ‘prevent any further trading or transferring.’
However, the course of action is somewhat surprising, given it was widely believed Huobi Global would forgo an outright exit from the US market, instead funneling its customers into San Francisco-based HBUS.
That option is now off the table with HBUS itself closing up shop over the next week. The ceasing of operations also is a dramatic reversal off HBUS’ headlines over the past year.
Back in November 2018, the group made headlines by plastering its logo across the side of a Downtown San Francisco building in what became the US’ first crypto billboard.
Additionally, this past April, HBUS also expanded its offering, facilitating the trading of new XRP pairs.