Huobi Plays Ball With Beijing And Halts Derivatives Trading

If you can’t beat them, join them. That’s precisely what Huobi Technology is doing with the Chinese Communist Party (CCP).

As Beijing tightens its grip on crypto mining and bitcoin-related companies, those in the sector are making tough decisions and are taking even tougher action. 

Huobi announced that it will prohibit customers in 10 countries and regions from trading derivatives. Those in China, UK (retail investors only) Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan and Sevastopol will be unable to trade derivatives through Huobi’s website. 

Earlier in June, the platform prevented new users in China from trading crypto derivatives and reduced leverage from 125x to under 5x. 

The move comes as Chinese authorities target crypto mining, resulting in 90% of Bitcoin miners in China to close down.

Fortunately for Asian investors, Monex’s Coinbase is still available for unrestricted Bitcoin trading. Bread recently covered the company, which we believe is a rather unknown crypto play outside of Japan.