Skip to main content

Huobi Prohibits Chinese Residents From Leveraging Cryptocurrency Derivatives 

Huobi Prohibits Chinese Residents From Leveraging Cryptocurrency Derivatives 

The Seychelles-based cryptocurrency exchange originally founded in China, Huobi, has officially banned Chinese residents from swapping cryptocurrency derivatives, according to the company’s revised user agreement. China is now listed as prohibited and residents from the country are forbidden to use Huobi’s service.

Chinese Citizens Are Now Banned From Huobi’s Crypto Derivatives Products

  • The digital currency exchange Huobi has updated its terms of service (ToS) and user agreement and notes that Chinese residents are banned from using Huobi’s crypto derivatives products.
  • “Use of the service by persons located in the United States of America, Canada, Hong Kong China, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, and Crimea is prohibited,” Huobi’s user agreement states.
  • “In addition, anyone in mainland China, Taiwan China, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol, and the UK (retail users only) is prohibited from using the derivatives trading services provided by this website,” Huobi’s ToS details.
  • Huobi was originally founded in China in 2013 by Leon Li and was among the first crypto exchanges operating in the country following the inception of Btcchina’s (now BTCC) exchange.
  • In 2017, following a ban on cryptocurrency trading by the Chinese government, Huobi ceased operations for mainland citizens and temporarily halted bitcoin withdrawals. Huobi now operates with offices located in Seychelles, the United States, Japan, and South Korea.
  • Huobi’s ToS changes follow Chinese internet services censoring specific keywords like Binance, Huobi, and Okex. Reports noted that Baidu, Sogo, Zhihu, and Weibo have been blocking specific crypto sites and banning any crypto-related search queries.
  • Huobi and Okex started removing the ability for Chinese residents to access specific crypto services at the end of May. Huobi announced at the time that it was discontinuing mining services to customers residing in mainland China.

What do you think about Huobi banning Chinese residents from swapping cryptocurrency derivatives products? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/35XbCfx
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more