Huobi Restricts Retail Users in China and Taiwan from Using its Derivatives (Leverage) Trading
One of the biggest cryptocurrency exchanges in China, Huobi, has ceased to provide contract trading services for Chinese users.
This change was notified by updating the terms of the user agreement on June 26, which stated that the exchange “currently does not support users in the Chinese jurisdiction.”
According to the update, retail users in mainland China, Taiwan, China, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol, and the UK are prohibited from using the “derivatives trading” services provided by the Huobi website.
This has been in addition to users from the United States, Canada, Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, and Crimea.
The list of countries is subject to change as per policies and product types.
“The Company may suspend or terminate your account or use of the Service, or the processing of any digital asset transaction, at any time if it determines in its sole discretion that you have violated this Agreement or that its provision or your use of the Service in your jurisdiction is unlawful.”
The user agreement further mentions that the digital asset market is new and unconfirmed. These assets are primarily used by speculators, and that digital assets are used relatively less on retail and commercial markets.
It then goes on to say that digital asset transactions are highly risky due to being traded throughout the day without limits on the rise or fall in price, alongside market makers and global government policies causing major fluctuations in their prices.