San Francisco-based Huobi Exchange, HBUS Ceases Trading Operations

The crypto exchange revealed the development on its website, saying that it is halting trading function on the exchange. Although temporary, HBUS noted that the event aims at enhancing the operations on the exchange.

In a tweet, HBUS stated precisely that:

"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."

According to the announcement, trading services on the exchange stops by December 15, 2019. However, the users can still access their accounts and make withdraws until January 31, 2020.

Also, the FAQ page for closure noted that users won't deposit funds on their HBUS wallets beginning from December 16. This is to ensure that their funds are safe. Thus, customers can choose to secure their transaction data by exporting them before the deadline.

Huobi Pushes for HBUS Amid U.S Regulatory Environment for Cryptos

Possibly, this comes in an effort to provide a better service for the U.S. users recently redirected to HBUS. Huobi Global announced plans earlier in November to freeze all U.S. customers' accounts by mid-November. Hence, pushing its U.S. users toward its HBUS, the U.S. version of the Huobi exchange.

Huobi's decision to prohibit United States users from other units was due to the American regulatory environment for cryptos. Notably, crypto start-ups in the U.S. face a lot of regulatory uncertainty.

Already, Ripple founders, Brad Garlinghouse, and Chris Larsen wrote an open letter to the U.S. Congress on this matter. They urged the U.S. government to lead the way for crypto and blockchain by providing a clear regulatory stance on cryptocurrency.

Failure to do so could drive the innovation, tax revenue, and jobs associated with the technologies to friendly locations.