Seychelles-based cryptocurrency exchange Huobi Global announced that it has temporarily closed derivatives trading in New Zealand following the implementation of new cryptocurrency regulations for derivatives trading.
According to the statement released by the postcoin website, derivatives trading will be closed from August 23, and the currency will no longer accept New Zealand users after the same date. Access Client – Verified location and IP address.
“From August 23, 2022, Huobi Global will stop accepting users with New Zealand KYC and IP addresses, and Huobi Global will ban New Zealand from 2022 As of August 23, 2018, users who do not hold any derivatives positions” statement. New Zealand’s regulations
To comply with policies set by regulators, Houbi said it committed to enforcing those policies and suspending its derivatives trading aimed at ensuring the safety of consumer assets.
“From August 23, 2022, Huobi Global will only allow New Zealand users to close active positions.”
Other services offered by Postcoin that will no longer be available to New Zealand users include coin margin futures and swaps, Tether (USDT), options, margin contracts and any exchange-traded products (ETP)
After the currency faces challenges in other countries
On June 21, Huobi acquired New Zealand financial services provider The registration license of the registry, as a regulated foreign exchange trading and asset management company, expands its crypto trading services to one of the most friendly countries for virtual currencies.
It also provides services to other countries, but it has also encountered difficulties due to the attitude of the authorities towards cryptocurrencies. In Thailand, Houbi’s trading license was revoked by the SEC, while in China, Houbi was forced to leave the country due to a government moratorium on cryptocurrencies.
In a related development, postcoin co-founder Leon Li announced that he will sell 60% of his stake for $3 billion. It was unclear whether the decision was influenced by the company’s performance.
New Zealand is a friendly market for cryptocurrencies
For many years, New Zealand has been Recommended by market analysts as a country that supports blockchain technology, including cryptocurrencies. Cryptocurrency trading in New Zealand has grown and spurred investors to put more money into new digital assets and emerging start-ups.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
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