- Crypto exchange Huobi is shutting its crypto derivatives trading in New Zealand
- Huobi has cited adherence to local compliance policies as the main reason for halting its crypto derivatives services in the region.
Crypto exchange Huobi is shutting its newly launched crypto derivatives trading in New Zealand, months after launching it in the first place.
Huobi To End Its Crypto Derivatives Trading In New Zealand
Seychelles-based cryptocurrency exchange Huobi has ceased its crypto derivative trading in New Zealand, adding that the decision has been taken to adhere to the local compliance policies.
The company blog post further added how the exchange will permit users to shut their derivatives trading accounts in an orderly fashion to ensure the safety and security of their stored assets with the exchange.
“Underpinning Huobi’s commitment to the local compliance policies, we will be including New Zealand as a restricted jurisdiction in respect of trading derivatives, and restrict New Zealand user accounts for derivatives in an orderly manner while ensuring the safety of consumer assets.” The post later adds
Huobi will be restricting its crypto derivatives trading services starting from August 23, followed by closing the derivatives trading services offered to all users on the same day.
The derivatives trading portfolio includes services such as coin margined futures, coin margined swaps, USDT- margined contracts, options, and exchange-traded products.
The Seychelles-based crypto exchange had just begun to offer it’s crypto derivatives trading in New Zealand. The firm had earlier acquired a registration on New Zealand’s Financial Services Provider Register (FSPR) in June to offer its services in New Zealand and Dubai, in its effects to expand its services across the regions.