Huobi Global , the cryptocurrency exchange platform has announced the suspension of derivatives trading in New Zealand. Huobi’s statement says the new restrictions against derivatives offerings are in line with local regulations.
Like many crypto exchanges, which have been facing financial difficulties for several months now, the leaning seems to be getting even worse for Huobi.
According to the platform, its action was in “commitment to local compliance policies.”
As a result, affected customers will not be able to use features such as:
- coin margin futures,
- exchange-traded products (ETPs),
- coin margin swaps and
- USDT margin contracts.
These new restrictions will take effect on August 23, 2022. On the same day, Huobi Global will no longer accept users with New Zealand KYC and IP addresses from the region.
Users wishing to close active positions can only do so from the effective date of the restrictions and beyond.
Huobi has a growing list of restricted countries, including 11 jurisdictions that cannot access its services. Places like the United States, Canada and Japan fall into this category. At the same time, places like mainland China, Taiwan and the United Kingdom do not have access to derivatives trading.