Huobi Global suspends derivatives trading in New Zealand

Huobi Global claims compliance with local regulations as a reason for excluding New Zealand from its list of countries in which it trades products derivatives.

Crypto exchange Huobi Global has announced the suspension of derivatives trading in New Zealand. Huobi's statement said the new restrictions against derivatives offerings are in line with local regulations.

Users in New Zealand will no longer have access to derivatives trading services, which include coin futures and margin swaps, Tether (USDT) margin contracts, options and traded products on the stock exchange.

The new restrictions will come into effect on August 23. On the same day, Huobi Global will no longer accept users whose location has been verified by Know Your Customer in New Zealand, as well as IP addresses in the region. Users wishing to close active positions can only do so from the effective date of the restrictions.

Cointelegraph has contacted Huobi Global for development comment.

Huobi has a growing list of restricted countries, including 11 jurisdictions unable to access any of its services. Places like the United States, Canada, and Japan fall into this category. At the same time, places like mainland China, Taiwan and the UK cannot access derivatives trading.

Related: Uzbekistan blocks access to foreign crypto exchanges on unregistered trade

This comes shortly after Huobi co-founder Leon Li announced plans to sell a majority stake in the company, valued at over $1 billion. Founded in 2013, Huobi Global manages...