Huobi Global to halt derivatives for New Zealand

Cryptocurrency exchange Huobi Global has confirmed that it will no longer offer derivatives trading services to consumers based in New Zealand.

The decision comes into effect next week, the company confirmed on Tuesday.

The Seychelles-based entity will no longer provide consumers in New Zealand with Tether-margined contracts, coin-margined swaps nor coin-margined futures. These will be removed from the New Zealand facing website on August 23.

The user agreements will be updated next week so that New Zealand will become a “restrictive jurisdiction” with regards of derivative trading. Huobi has had to move quickly and respond to regulatory pressure and act preemptively.

As a result, the company has now suspended derivative trading for 11 jurisdictions with more likely to get underway as interest in regulated crypto grows.

Some of the other jurisdictions that are now put on a prohibitive list include the US, Japan, Iran, Canada, and Singapore.

No other restrictions are expected to be enacted as part of Huobi’s changes to the terms of use in the country for now.

In the meantime, you can still use cryptocurrencies to play at websites such as 1xBit, Bitcasino and FortuneJack.

Source

Updated: 08/17/2022 — 12:00