Huobi is looking to cease derivatives trading for New Zealand-based customers, citing compliance with local policies.
Cryptocurrency exchange giant Huobi will cease offering its derivatives trading services to New Zealand customers two months after the company obtained registration from the country’s regulators.on Tuesday , Huobi said it would restrict users in New Zealand from accessing derivatives trading services starting from August 23, 2022.
According to Huobi, its action was in “commitment to local compliance policies.” Consequently, affected customers will not be able to use functions like coin-margined futures, options, exchange-traded products , coin-margined swaps, and USDT-margined contracts. The crypto exchange also said it will update its user agreement to add New Zealand as a “restricted jurisdiction,” will allow users in the country to close out their positions from August 23, and further prevent them from opening new derivatives positions on the aforementioned date.registration on New Zealand’s Financial Services Provider Register in June.
Some of the interested buyers are rumored to be crypto heavyweights, such as Justin Sun and Sam Bankman-Fried.
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