Cryptocurrency exchange Huobi will stop providing option margin trading and ETP services for New Zealand users starting August 23, citing “local compliance policy.”
According to the blog post, Huobi’s user agreement will be updated. The exchange will make New Zealand a “restricted jurisdiction” for derivatives trading. In particular, the registration of new users with New Zealand KYC and IP addresses will be terminated.
“The exchange will cease providing services including crypto-margined futures, crypto-margined swaps, Tether (USDT) margined contracts, options and any exchange-traded products (ETPs) to New Zealand users on August 23rd,” it said.
The exchange will prohibit New Zealand users who do not hold derivative positions from opening new positions. Huobi claims it will restrict “New Zealand user accounts for orderly derivatives trading while ensuring the security of user assets.”
As a reminder, in June, Huobi expanded its operations in New Zealand by registering with the country’s Financial Service Provider Register (FSPR).
Source: Bits
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