Huobi US Is Abruptly Halting Exchange Operations

Photo of U.S.-based HBUS team in San Francisco courtesy of Huobi.

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

Customers have until Jan. 31, 2020 to withdraw all of their assets.

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.

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.

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