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Inaccessibility to these features would take effect on August 23 for these users. Huobi left Thai territory not too long
Huobi Global claims compliance with local regulations as its reason for excluding New Zealand from its list of countries in which it operates derivatives trading.
Crypto exchange Huobi Global announced the suspension of derivatives trading in New Zealand. The statement from Huobi said the new restrictions against derivative offers are in light of compliance with local regulations.
Users in New Zealand will no longer have access to derivative trading services, which include coin-margined futures and swaps, USDT-margined contracts, options and exchange-traded products (ETPs).
The new restrictions will take effect on Aug. 23, 2022. On the same day, Huobi Global will no longer accept users with New Zealand Know Your Customer (KYC), along with IP addresses from the area. Users wishing to close out active positions can do so only on and after the effective date of the restrictions.
Cointelegraph reached out to Huobi Global for a comment on the development.
Huobi has a growing list of restricted countries, including 11 jurisdictions unable to access any of its services. Locations such as the United States, Canada and Japan fall into this category. At the same time, places like mainland China, Taiwan and the United Kingdom are unable to access derivative trading.
Related: Uzbekistan blocks access to foreign crypto exchanges over unregistered trading
This comes shortly after reports of Huobi co-founder Leon Li wanting to sell a majority stake in the company. The stake has a value of over $1 billion. Founded in 2013, Huobi Global handles more than $1 billion in volume of daily trades.
Despite this development in New Zealand, the company has recently made moves toward expanding its offerings in other regions. In early August, Huobi received the green light from Australian regulators, a neighboring country of New Zealand, to be an exchange provider.
In the United States, Huobi secured its FinCEN license this past July. A subsidiary of the company called HBIT received its Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN).
All these developments come as Huobi launched a $1 billion investment initiative with a focus on decentralized finance (DeFi) and Web3 expansion.
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Huobi cryptocurrency exchange is expanding its global footprint by winning its first-ever licenses in Dubai and New Zealand.
Major cryptocurrency trading platform Huobi continues expanding its global presence by securing new licenses in New Zealand and the United Arab Emirates.
Huobi Group on June 17 obtained the Innovation License under the Dubai International Financial Centre (DIFC), securing the company’s first-ever license there.
The DIFC license is not a trading license but rather authorizes Huobi to incentivize technology startups to set up operations in Dubai, Huobi Group chief financial officer Lily Zhang told Cointelegraph on Monday. The license unlocks a number of benefits like access to the local tech ecosystem and preferential treatment for technology research and developments, capital flows and taxes.
Huobi also plans to receive a Virtual Asset MVP License from Dubai’s Virtual Assets Regulatory Authority (VARA), allowing the company to offer a full range of cryptocurrency exchange products and services, Zhang noted, stating:
“We do not have other licenses in Dubai. We do have a small office there that caters to some key account and institutional customers in the Middle East region. We are, however, applying for provisional approval for a Virtual Asset MVP License from the Dubai VARA.”
Apart from pushing its presence in the UAE, Huobi has also received registration on New Zealand’s Financial Services Provider Register (FSPR) to offer its crypto trading services in the country.
The FSPR registration is Huobi Group’s first step towards expanding its cryptocurrency trading business in New Zealand, as all exchanges are required to register on the platform to offer trading services to local users.
The registration allows Huobi’s local entity, HBGL New Zealand Limited, to operate a regulated foreign currency exchange and money or value transfer services in New Zealand. The registration also allows Huobi to provide asset management services and over-the-counter trading.
“In New Zealand, cryptocurrencies themselves are not considered legal tender, but regulators treat cryptocurrency exchanges, brokers, and other businesses offering investment opportunities much like they do other financial services providers,” Zhang said in a statement to Cointelegraph.
Related: Crypto.com gets nod in Dubai and FTX launches in Japan
Huobi’s latest regulatory milestones come shortly after the firm’s Thailand-based affiliate firm, Huobi Thailand, announced it was permanently closing in mid-June after the Thai Securities and Exchanges Commission revoked the firm’s operating license. The local firm plans to wind down operations by July 1.
“We would like to reiterate that Huobi Thailand was not a part of Huobi Global, but rather a separate entity formed together with a local partner in 2019 as a part of our Huobi Cloud division,” Zhang noted. The exec declined to provide exact figures for Huobi Thailand’s trading volumes, only stating that it was a “relatively small and insignificant part” of Huobi’s business as a whole.
The Auckland City Financial Crime Unit is investigating Quwiex Limited, a self-proclaimed crypto platform, after multiple reports from victims that the platform is a scam, according to an RNZ report.
The post New Zealand Police investigate “fraudulent” crypto platform Quwiex appeared first on CryptoSlate.