Huobi Global Stops Offering Derivatives Trading To New Zealand Users

Huobi Global announced to list New Zealand on the list to stop providing trading arising from August 23. The country was added to the platform’s restricted jurisdiction on the same day.

On August 16, cryptocurrency exchange Huobi announced that it would stop trading in New Zealand on August 23. On the same day, the platform listed New Zealand as a “restricted jurisdiction in respect of trading in derivatives.”

Huobi will stop accepting users with IP addresses and KYC in New Zealand from August 23. New Zealand users’ derivative trading positions must be closed by this date. Instead, users are still provided with spot trading. In the report, Huobi commented:

“…restrict New Zealand user accounts for derivatives trading in an orderly manner while ensuring the safety of user assets.”

After the above information, the platform updated the list of “Restricted Jurisdictions” in the user terms. Which, the list of prohibited from providing all services of Huobi Global includes 11 regions, such as the US, Canada, Japan, Iran, Singapore…

In addition to New Zealand, the list of blocked transactions includes 12 regions, such as Mainland China, Taiwan, Hong Kong, Israel, Bolivia, and Ecuador… The above announcement is expected to surprise the Huobi Global community because the new platform opened in New Zealand in June. At that time, Huobi announced that it had registered to provide services with the local regulator.

One news related to Huobi is that Huobi Founder, Leon Li, is in talks to transfer 60% of his personal shares. The valuation when transferring shares is from $2 billion to $3 billion. Leon Li’s decision to transfer shares was supported by two major shareholders, ZhenFund and Sequoia.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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