Huobi Bans Chinese-Based Users From Trading on App

China was added to the list of unlawful jurisdictions for its derivatives trading service, but its users can still access the exchange platform and spot trade, according to the updated fine print on June 26.

article-image

Source: Shutterstock

share

key takeaways

  • The use of derivative trading services provided by Huobi’s website is prohibited for anyone in mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol and the United Kingdom for retail users only.
  • This update follows last week’s news that Huobi’s Twitter account vanished but reappeared later in the week.

Huobi, a bitcoin and ethereum trading platform, is no longer permitting Chinese-based users to trade derivatives on its website, according to its updated user agreement notice. 

China was added to the list of unlawful jurisdictions for its derivatives trading service, but its users can still access the exchange platform and spot trade, according to the updated fine print on June 26.

“The Company may suspend or terminate your account or use of the Service, or the processing of any digital asset transaction, at any time if it determines in its sole discretion that you have violated this Agreement or that its provision or your use of the Service in your jurisdiction is unlawful,” it said. 

Use of services is prohibited for people in the United States, Canada, Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela and Crimea, it said. Meanwhile, the use of derivative trading services provided by Huobi’s website is prohibited for anyone in mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol and the United Kingdom for retail users only, the company said.  

The list of countries or regions under prohibited restrictions can change due to new products or policies, according to the user agreement. 

This update follows last week’s news that Huobi’s Twitter account vanished but reappeared later in the week. After the incident, the company tweeted a statement that “everything is back to normal,” and added, “currently there are many rumors floating out there in the world of crypto. Huobi assures that we are operating under fully legal and compliant standards to best protect users and your assets.”

When the account disappeared it led many to think that Seychelles-incorporated, but Hong Kong-listed Huobi had been caught in the crosshairs of the territory’s regulators, Blockworks previously reported

In general, Hong Kong and Beijing have been cracking down on crypto. Hong Kong restricts exchanges to professional investors only — Huobi opens its doors to everyone — and while the firm is Seychelles registered, it is publicly listed on the Hong Kong exchange.

Separately, earlier this month, securities regulators in Thailand, as part of the country’s broader crackdown on crypto offerings with “no clear objectives or substance”, ordered Huobi to cease operations until it cleans up its organizational structure and reconfigures its offerings to become compliant with local regulatory standards, Blockworks previously reported.

Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens