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

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

Launching cryptocurrencies the old fashioned way may soon make a return

article-image

Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug

article-image

NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.

article-image

EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down