July 24, 2024
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Huobi Barrs Chinese Residents From Swapping Cryptocurrency Derivatives

Huobi Barrs Chinese Residents From Swapping Cryptocurrency Derivatives
Huobi (Data Driven Exchange)

Huobi Bans Chinese Customers

The Seychelles-based cryptocurrency exchange, originally formed in China, Huobi, updated its Terms of Service (ToS) and user agreement. The new ToS prohibits Chinese residents from using their crypto derivative services.

China is one of the few nations, categorized as ‘prohibited’. Others include Israel, Iraq, Bangladesh, Bolivia, to name a few. 

History of Huobi

In 2013, Leon Li founded Huobi in China. Consequently, it was one of the first and leading cryptocurrency exchanges in the country. However, in 2017, following a ban on crypto trading by the Chinese government, Huobi closed down its services for the Chinese residents. They temporarily stopped bitcoin withdrawals and stopped taking deposits. They reached a static point due to the ban on cryptocurrency trading.

Eventually, they moved on to other countries and started to expand their horizons. They currently operate with offices in Seychelles, the US, Japan, and South Korea.

Huobi vs China

The ToS changes are put in place following the censorship of words: Binance, Huobi, and Okex, by Chinese internet services. Reports suggest that they are blocking crypto sites and erasing crypto-related queries.

It was at the end of May, Huobi started revoking its access from Chinese residents. Huobi also announced that it is discontinuing mining services to Chinese customers as well.