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Policy

Huobi to End Crypto Derivatives Trading in New Zealand

The Seychelles-based cryptocurrency exchange cited "local compliance policies."

By Sandali Handagama
AccessTimeIconAug 16, 2022 at 10:26 a.m. UTC
Updated May 11, 2023 at 3:56 p.m. UTC
(Shutterstock)
(Shutterstock)
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Cryptocurrency exchange Huobi Global will stop offering derivatives trading services to users in New Zealand starting next week, just a couple of months after it expanded its operations to the country, the company said Tuesday.

  • The Seychelles-based exchange will halt services, including coin-margined futures, coin-margined swaps, tether (USDT)-margined contracts, options as well as offering exchange-traded products to New Zealand-based users on Aug. 23, according to a notice on Huobi's website.
  • On the same day, Huobi's user agreement will be updated to include New Zealand as a "restricted jurisdiction" with respect to derivatives trading.
  • Huobi expanded its operations to New Zealand as recently as June, saying it had been entered into the country's financial services provider registry at the New Zealand Companies Office.
  • Users from 11 jurisdictions, including the U.S., Canada, Japan, Iran and Singapore, are already prohibited from using "all services" offered on the Huobi platform, while users from 12 jurisdictions including the U.K. and mainland China are blocked from accessing derivatives products, Huobi's user agreement says.
  • The exchange said it will restrict "New Zealand user accounts for derivatives trading in an orderly manner while ensuring the safety of user assets."
  • Huobi Global and New Zealand's financial regulators didn't immediately respond to requests for comment.

Read more: Crypto Entrepreneurs Bankman-Fried, Sun in Talks to Buy Majority of Huobi Global Exchange: Report

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama
Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

Follow @iamsandali on Twitter

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