Crypto exchange Huobi halts crypto derivatives trading service for users in Chin...

Crypto exchange Huobi halts crypto derivatives trading service for users in China- PingWest

Crypto exchange Huobi halts crypto derivatives trading service for users in China

3 hours ago

Crypto exchange Huobi has added China to its list that prohibit customer in countries or regions from trading derivatives amid Beijing’s ongoing crackdown on cryptocurrency mining and trading.

Detail:

According to the update user agreement section of the Huobi Global website, the list of banning crypto derivative trading cover countries or regions including China, Taiwan, Israel, Iraq, United Kingdom, Bolivia, Bangladesh, Ecuador.

The exchange has already barred people in another 11 countries from crypto transactions and provision of related services, these countries or regions include Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Canada and the United States.

Huobi, which was founded in China in 2013, said “we won’t provide service or products of high risk to Chinese users, in response to China’s crackdown on cryptocurrencies, warning users who violated these restrictions expose at risk of losing their accounts.

In May, Huobi suspended bitcoin mining service and sales of mining equipment in mainland China.

Huobi Mall, part of Huobi Exchange, suspended all of its custody businesses following the announcement.

“We are contacting oversea service providers to export mining rigs in the future,” Huobi Mall said on its official Telegram community.

Context:

China has criticized cryptocurrency for potential to enable untraceable transactions and illegal activities such as money laundering and tax evasion.

The People's Bank of China held talks on Monday with a number of Chinese banks and payment institutions on cryptocurrency trading speculation, asking them to stop providing service for digital asset trading, cut relevant payment links in what is said to be a thorough clean-up of cryptocurrency transactions in the country.

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