In reaction to China's crypto crackdown, the exchange is escalating trading services. Crypto exchange Huobi prohibits the trading, under an amended User Agreement, of derivatives by clients in 10 countries or areas including mainland China and retail investors in the UK.
The list came more than a week after the exchange, and warned that "a few specific nations and areas" will prohibit future contracts and leveraged investment products, as CoinDesk first reported.
According to the new agreement, the exchange in other 11 countries has already prohibited users from crypto transactions and services. The U.S., Canada, Japan, Iran, North Korea and Crimea are all countries or regions.
The whole list contains:
The use of derivative trade services offered by the Huobi site is forbidden from anyone from mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol or the United Kingdom (Retail Investors only, UK).
It is banned for people based in the US, Canada, Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela and Crimea to use digital asset transactions and provide associated services.
Comments on the user agreement were refused by the firm. Increase in the crackdown on cryptocommerce at exchange or over-the-counter (OTC) desks in China, Huobi is the last retail exchange.
Money laundering and over-speculation on the crypto market were mentioned by the government's reports as two reasons for this round of attacks.
The People's Bank of China, the central bank of China, reiterated on June 21 a long term prohibition on the transactions with crypto-trading platforms and identified OTC trading as one of the services to be monitored and controlled most.
On 18 May, three banking industry groups issued the first public warning against crypto-commerce from China this year. Another notification from the Chinese State Council, one of the most senior central government bodies, intensified the crisis and prompted Huobi to restrict trading and mining activities.
According to Chinese police, more telecoms fraudsters use cryptography to launder their gains, while leveraged trade is one of the riskiest in digital assets. In the last interview, Jason Wu, CEO of the crypto-lending site DeFiner, stated that small price dips might lead to large-sized liquidations that lead to more price reductions.
Tag :
Anyone from mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol and the UK (in the UK, retail investors only) is prohibited from using the derivatives trading services provided by Huobi's website.
Crypto exchange Huobi is prohibiting customers in 10 countries or regions from trading derivatives, including mainland China and retail ...
The exchange is scaling back trading services in response to China's crackdown on crypto.Crypto exchange Huobi is banning clients from trading derivatives.
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