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.

by Jamie Redman via Bitcoin News