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Crypto Exchange Huobi Shuts Down US Operations

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Crypto Exchange Huobi Shuts Down US Operations

HBUS, the US-based strategic partner of the Huobi cryptocurrency exchange is closing less than a year and a half after beginning its operations in the country. The U.S. exchange launched in early 2018 and is registered as a money services business with the Financial Crime Enforcement Network.

HBUS announced it would cease offering trading services from Dec. 15 and consumers have time till Jan. 31 to withdraw their funds. The San Francisco-based exchange stated its projections to “return in a more integrated and impactful fashion” way as part of its “ongoing strategic layout” without unveiling any additional information.

As announced on Monday, HBUS in a tweet titled “HBUS Cease to Operate”:

We regret to inform you that HBUS will need to cease operations so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout.

The announcement comes just after a month when Huobi made a statement that read, Huobi halted all accounts of U.S. clients and advised patrons to utilize HBUS. “You may open an account in HBUS, if needed, the exclusive US strategic partner of Huobi Global, and transfer your assets to their platform.”

The closedown ensues the farewells of key members of HBUS’ executive team. According to the source with high knowledge in the situation, Oren Blonstein, who took over the CEO position in September 2019, left the company this month. The office was earlier helmed by Frank Fu, who is now a managing director at Fenbushi Capital.

While many exchanges like Huobi and BitMex have shut off US operations other exchanges like Binance and EToro are aggressively expanding to the US market. It will be interesting to see global exchanges target the US market in the coming years.

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