Huobi to End Crypto Derivatives Trading in New Zealand

by Abiodun Oladokun
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Huobi to End Crypto Derivatives Trading in New Zealand

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

Cryptocurrency exchange Huobi Global will stop offering derivatives trading services to users in New Zealand starting next week, just a couple of months after expanding 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 any exchange traded products (ETP) 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 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 would restrict “New Zealand user accounts for derivatives trading in an orderly manner while ensuring the safety of user assets.”
  • CoinDesk has reached out to Huobi Global and New Zealand’s financial regulators for comment.
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