Futu Suspends Crypto Services for Futures Trading

Futu Suspends Crypto Services for Futures Trading

Hong Kong online brokerage Futu halts their crypto services for futures contract-based trading. It is due to some regulatory concerns which were raised recently. 

Futu Halts Futures Trading

Futu securities is recognized as Asia’s top-ranked online broker, providing one-stop online investing services & experience. The customer support of Futu securities stated, 

“In response to regulatory requirements, the provision of cryptocurrency futures contracts and trading services, including CME bitcoin futures, will be suspended.”

Moreover, Grayscale Bitcoin Trust and Osprey Bitcoin Trust are some of the non-futures crypto products. It is available and functions on the Futu securities App as usual.

Further, Futu Securities International, a Hong Kong-based digitized brokerage founded in 2012. The founder and CEO of the firm is Leaf Hua Li, one of the employees of Tencent, which supported Futu at the initial stages. The services of Futu include China, Hong Kong, and the United States. 

Besides, Shenzhen-based Futu recently revealed its future plans to extend its services into cryptocurrency trading. The real idea is to expand the service outside China because of financial environmental risks. 

More so, Huobi, Seychelles-based cryptocurrency exchange restricted the access of the crypto derivatives for all the existing users. This is because of China’s evolving regulatory concern. Many limitations being performed in the crypto industry over unpredictable trading performances.

However, Futu’s Customer support team is concerned about the suspension of the futures contract-based trading. This halt might affect many businesses, crypto-related firms including CME Bitcoin futures, the earliest bitcoin futures in the industry.

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