Justin Sun’s cryptocurrency exchange, Huobi Global, has declared that it would end operations of its Huobi Cloud Wallet platform in May 2023, citing the need to make improvements to its product lineup and strategy.

Maintenance and updates of the multi-token wallet service will formally come to an end on February 13, according to a notification that was posted on Huobi’s support page.

Huobi said:

“If you are still using the Cloud Wallet or have assets stored in it, we recommend you to transfer your tokens and NFT assets to your Huobi account or other on-chain addresses as soon as possible. Withdrawal services for Huobi Cloud Wallet will remain available for three months.”

Huobi Cloud Wallet was launched by Huobi in 2021. It enables users to handle digital assets without the need for private keys and was initially rolled out as part of Huobi Wallet.

One of the key features of Huobi Cloud Wallet is its security measures. It uses a multi-layered security system that includes advanced encryption technology, two-factor authentication, and cold storage to protect users’ assets from theft and fraud.

In related news, the Singapore-based exchange confirmed last month that Justin Sun is not just an advisor but the person leading the company. As for Sun, he has lauded the potential of China’s crypto sector and stated his intention to relocate to Hong Kong, where the government has just unveiled new laws to entice virtual asset enterprises.

If this happens, it would be a huge win for Hong Kong’s efforts to lure back some of the industry’s top personnel who left due to the city’s regulatory climate being perceived as less friendly to cryptocurrencies than countries like Singapore and Dubai.