Futures trading ‘temporarily’ in some countries suspended by Huobi

Futures trading 'temporarily' in some countries suspended by Huobi

Futures and leveraged trading for new customers in some countries, raising questions about the regulatory scrutiny facing digital assets, has been reportedly suspended by Seychelles-based cryptocurrency exchange Huobi 

Huobi is limiting these services in a handful of jurisdictions but didn’t specify which countries would be affected, according to Bloomberg. Also, though it could be tied to perceived regulatory uncertainty in China, there was also no word on why the temporary suspension is being implemented

After regulators in the country reaffirmed their plan to crack down on cryptocurrency trading activities, the exchange is also reportedly scaling back its miner hosting services in China. To control the domestic cryptocurrency market and its recent comments do not represent a material change in policy as has always been reiterated by China.

After receiving new regulatory clearing from the region’s securities regulator, possibly paving the way for a new cryptocurrency asset management portfolio, Huobi was eyeing expansion in Hong Kong earlier this year.  The company secured “Type 4” and “Type 9” licenses from the Hong Kong Securities and Futures Commission in July 2020.

Huobi Global was the third-largest cryptocurrency exchange by volume on Sunday, processing $7.3 billion worth of transactions, according to Messari data.

 

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