Huobi suspends futures trading amid regulatory hurdles from China
Crypto exchange Huobi has started restricting its Chinese customers from accessing some of its services.
Although the exchange moved out of China in 2017 following a ban from the country’s regulators in 2017, it has managed to maintain a large user base from Chinese customers. However, in light of recent reports that the Chinese government is planning to ban Bitcoin mining, the exchange has halted some of its services in China.
According to a Bloomberg report, the trading platform has suspended its derivatives trading futures, including leverage investment products, futures contract trading, and exchange-traded products. Meanwhile, a Huobi spokesperson said in a statement that the move would allow the company “to focus on the expansion of [its] overseas presence. He added:
Due to recent dynamic changes in the market, in order to protect the interest of investors, a portion of services such as futures contracts, ETP, or other leveraged investment products are temporarily not available to new users from a few specified countries and regions.
Death to Bitcoin mining?
The recent news from China sent shockwaves around the entire crypto community. It has been alleged that the country will be clamping down on Bitcoin mining activities. On this note, Huobi has also suspended the sales of its mining products while shutting down its mining pool service in China.