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Huobi will stop trading cryptocurrency derivatives in New Zealand

Only months after operating in New Zealand, Seychelles-based cryptocurrency exchange Huobi Global will stop offering crypto derivatives trading services starting on Tuesday next week. 

Huobi will begin classifying New Zealand as a “restricted jurisdiction” as of August 23 and will only permit current clients to close their accounts with the company.

Huobi claimed in the blog post that the choice had been made to follow regional compliance standards.

After declaring that it had registered with New Zealand’s financial services provider, the exchange only recently started operating there as of June.

Coin-margined futures, coin-margined swap, USDT-margined contracts, options exchange and traded products are some of the firm’s derivative trading services.

According to the user agreement of the company, Huobi is prohibited from offering services in 11 countries, including the United States, Canada, and Japan, and users are prohibited from using derivative trading services in 12 countries, including the United Kingdom, China, and Israel. 

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