Huobi Bans Chinese Residents From Using Cryptocurrency Derivatives – Bitcoin News Exchanges

The cryptocurrency exchange Huobi, originally founded in China and based in the Seychelles, has officially banned Chinese residents from exchanging cryptocurrency derivatives in accordance with the company’s revised user agreement. China is now listed as banned and residents of the country are prohibited from using Huobi’s services.

Chinese citizens are now banned from Huobi’s crypto derivative products

  • Huobi Digital Currency Exchange has updated its Terms of Use (ToS) and User Agreement to state that Chinese residents are prohibited from using Huobi’s crypto derivative products.
  • “The use of the service by persons based in the United States of America, Canada, Hong Kong, China, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela and the Crimea is prohibited,” says Huobi’s user agreement.
  • “Additionally, anyone in mainland China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol, and the United Kingdom (retail users only) is prohibited from using the derivatives trading services provided by this website,” Huobi’s ToS stated.
  • Huobi was originally founded in China in 2013 by Leon Li and was one of the first crypto exchanges in the country after establishing the Btcchina (now BTCC) exchange.
  • In 2017, following a ban on cryptocurrency trading by the Chinese government, Huobi suspended operations for mainland citizens and temporarily suspended Bitcoin withdrawals. Huobi now has offices in the Seychelles, the United States, Japan and South Korea.

  • Huobi’s ToS changes follow Chinese internet services censoring certain keywords like Binance, Huobi and Okex. Baidu, Sogo, Zhihu and Weibo have reportedly blocked certain crypto sites and banned all crypto-related searches.
  • Huobi and Okex started denying Chinese residents the ability to access certain crypto services in late May. At the time, Huobi announced that it was discontinuing mining services for customers residing in mainland China.

What do you think of Huobi banning Chinese residents from exchanging cryptocurrency derivatives? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin China, BTC China, BTCC, btcchina, China, crackdown in China, Chinese government, Chinese residents, Crypto Derivatives, Cryptocurrency Derivatives, Huobi, Huobi Exchange

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