Huobi Global Stops Derivatives Trading in New Zealand

Huobi Global Stops Derivatives Trading in New Zealand
  • Inaccessibility to these features would take effect on August 23 for these users.
  • Huobi left Thai territory not too long ago after a dispute with authorities.

Governments everywhere are scrambling to find ways to accommodate the cryptocurrency industry as interest in it grows. All throughout the globe, exchanges have been trying to get the official approval they need to begin trading. As a result of all this, Huobi Global has been in a lot of hot water as of late. When competitors like Binance and Crypto.com were opening new offices, Huobi was closing down many of its own.

This morning, Huobi announced the “Restriction Schedule of New Zealand User Accounts for Derivative Trading.” This would mean that the cryptocurrency exchange will end derivatives trading in New Zealand beginning the next week.

Crypto Winter Effect

Huobi Global has confirmed that it would no longer provide cryptocurrency futures, cryptocurrency swaps, Tether [USDT]-margined contracts, options, or any other exchange-traded product [ETP] to customers in New Zealand. Inaccessibility to these features would take effect on August 23 for these users.

The exchange wrote,

“Underpinning Huobi Global’s commitment to local compliance policies, we will be including New Zealand as a restricted jurisdiction in respect of trading in derivatives, and restrict New Zealand user accounts for derivatives trading in an orderly manner while ensuring the safety of user assets.”

When it comes to restricted zones, New Zealand isn’t the first country to join the club. One cannot use Huobi if they are a resident of any of the 11 countries listed by the exchange. Huobi left Thai territory not too long ago after a dispute with authorities.

Huobi Group founder Leon Li’s purported sale of a controlling share in the company surfaced only last week. The community has begun to worry that the cryptocurrency exchange may be in difficulty as a result of the current downward trend.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.