Huobi halts derivatives trading in New Zealand
Huobi Global, a Seychelles-based cryptocurrency exchange, has announced a temporary suspension of derivatives trading in New Zealand from August 23 in accordance with new cryptocurrency regulations in place. Huobi will not accept users in New Zealand to access customer-verified locations, along with IP addresses.
"Huobi Global will stop accepting users with New Zealand IP and KYC addresses effective August 23, 2022, Huobi Global will not allow New Zealand users who do not hold any derivative positions to open new positions effective August 23, 2022."
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Huobi is committed to complying with New Zealand regulations
Huobi is committed to complying with policies set by regulators and the cessation of derivatives trading in order to ensure the safety of consumer assets.
"Huobi Global will only allow users in New Zealand to close active positions with effect from 23 August 2022."
Other services offered by Huobi will no longer be extended to users in New Zealand including coin-backed futures and swaps, Tether (USDT), options, escrow contracts and any exchange-traded products (ETPs)
Huobi faces challenges in other countries
On June 21, Huobi was granted a license by the Registrar, a financial services provider in New Zealand, to register as an asset management and foreign currency exchange company to expand its cryptocurrency trading services. Huobi provides services to other countries but has faced many difficulties in the face of the regulatory barrier of the authority for cryptocurrencies. Huobi's trading license was revoked by the SEC in Thailand, and Huobi was forced to leave China when the government suspended the cryptocurrency. Huobi co-founder Leon Li announced the sale of a 60% stake for $3 billion. >>> See also: How to sign up for Binance update 2022