[2019-10-06] Leading crypto exchange to freeze US customer accounts

exstasie

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Quote from: The Sceptical Chymist on November 07, 2019, 08:17:09 PM

Huobi is basically doing what Binance did if I'm not mistaken, because there was another thread about this move a couple of days ago. They're not freezing any customer accounts that I'm aware of, just restructuring their business to be in compliance with US regulators. I'm sure most legit exchanges are going to have to do the same thing.

I thought they already did this last year. Their US-facing exchange (HBUS, now Huobi.US) was launched in July 2018. Are they only now transitioning US traders to their partner exchange? Strange.

Had I known we were still allowed on Huobi Global, I would have gone there after Binance kicked us out. Our options for unverified accounts are getting slimmer and slimmer!

The Sceptical Chymist

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Quote from: bbc.reporter on November 06, 2019, 09:39:22 PM

@Bitcoin_Mafia_Me. Clickbait title. You did not include the part of the article with the good news. Huobi US will be online and continue to serve its American customers hehe.

And we also don't need a giant picture of a generic representation of bitcoin here, either, the kind that's used in every single mainstream media article about it.

I'm sure OP won't be back to this thread, as it's just a dump and run for him and nor do I think he gives a shit about misleading people. Please correct me if I'm wrong, OP.

Huobi is basically doing what Binance did if I'm not mistaken, because there was another thread about this move a couple of days ago. They're not freezing any customer accounts that I'm aware of, just restructuring their business to be in compliance with US regulators. I'm sure most legit exchanges are going to have to do the same thing.

bbc.reporter

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@Kakmakr. It might be a promotional article with a clickbait title to promote their new exchange for Americans hehehe. Give the readers panic and a relief all in 1 article hehe.

In any case, why the slim chance if Huobi US would have similar listed coins?

Kakmakr

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Although it might look like a bit of a click bait article, it still serve a good purpose, because it creates awareness of what Huobi Global is going to do and this gives these US citizens a change to move these coins to cold storage, if they had coins stored on those platforms.

Let's be real for one moment, those people did not use a non-US based exchange for no reason. So they should be granted the opportunity to shift their coins, before those accounts are frozen.

The chances are slim that they would move those coins to a US-Based exchange, owned by Huobi. Roll Eyes

Kyraishi

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Yeah, I agree. I was quite baited by the title, and thought they where closing down for the US customers for a bit.

I don't think this is anything bad, they are giving a week (which should be more then enough time for any big trader to take out their funds), I am assuming they've already emailed all US customers.

What are they going to do with the remaining funds from people who don't withdraw?

bbc.reporter

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@Bitcoin_Mafia_Me. Clickbait title. You did not include the part of the article with the good news. Huobi US will be online and continue to serve its American customers hehe. There was no date declared, however.

new home for Huobi Global’s U.S. customers

Huobi Global isn’t cutting its U.S. customers completely adrift, however.

Displaced U.S. customers are being invited to move their trading activities to the exchange’s U.S.-based strategic partner, Huobi US.

Headquartered in San Francisco, California, Huobi US is operated by HBUS Holdco, Inc.

Source https://micky.com.au/leading-crypto-exchange-to-freeze-us-customer-accounts/

Bitcoin_Mafia_Me

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I think Huobi Global handled it a bit more smoothly than Binance did back in June. Binance never came right out and said
"we're banning US customers". Instead, they said "we can't provide services to people who violate our TOS" and then snuck
in the line about US residents not being allowed to use the platform into the word vomit that was its revised TOS.

Cryptocurrency exchanges like Binance and Huobi Global have users all over the world. Operating in so many countries
comes with a unique set of challenges, however, as exchanges must comply with regulations across multiple jurisdictions.

Earlier this week, Huobi Global announced that it would be freezing all of its U.S. customer accounts effective November
13, 2019 (GMT+8).

Citing the repressive and uncertain regulatory status of cryptocurrencies in the United States, the exchange said that it was
forced to ban U.S. customers from its platform.

“In line with the laws and regulations of the United States with respect to crypto assets, our User Agreement expressly
prohibits users in the United States from using our platform.”

Read full article: https://micky.com.au/leading-crypto-exchange-to-freeze-us-customer-accounts/

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