Huobi US Partner Decides To Close Shop Due To Low Demand

The Huobi US partner decides to shut down the exchange due to the low demand and liquidity right after December 15. In our blockchain news today, we read more about what this could mean for the crypto market and the altcoin prices.

The Huobi US Partner or the HBUS was a platform that was supposed to replace the international service Huobi service for the United States traders which was launched just a month ago. HBUS encouraged all of the US-based traders to transfer from the international exchange just to avoid any sanctions and limitations. This move to create HBUS with the help of the local partner is similar to the decision of Binance to move out of the States. The exchange worked on compliance but could not regain liquidity and interest. In the meantime, Huobi turned into one of the most important powerhouses of crypto trading that mostly answer the demand of Chinese users.

HBUS also hinted for a reorganization by closing the doors so it can ‘’return in a more integrated and impactful fashion as part of its ongoing strategic layout.’’ However, the users are urged to withdraw their money before January 31.
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The decision was much unexpected as HBUS recently celebrated the expansion of the HUSD stablecoin. The token is mostly used on Huobi Global and despite the closure of the US exchange, it will still keep the dollar peg and activity levels.

The trading volumes on HBUS dropped to around $220,000 per day and hit a rock-bottom level which is more suitable to a small-scale exchange. HBUS carried only a conservative selection of 56 pairs and some assets were withdrawn from the US traders because of the local security laws. HBUS trading had frozen for most of the smaller altcoins and the exchange did not even have a significant Bitcoin market. The exchange shutdown happened abruptly but it still follows a trend of US-based markets closing. The US exchange closure announcement came only a few days after CryptoBridge put up a shutdown notice hinting a possible restarting in the near future.

At the same time, Binance.US carries more than $2.94 million in volumes and about 30 percent of the international Binance volumes came straight from the United States but the new market does not reflect the same level of interest as per the Huobi news.