Seychelles-based cryptocurrency exchange Huobi Global will cease crypto derivatives trading services in New Zealand from Tuesday next week — only months after launching in the country – according to a company blog post.

See related article: Huobi closes Thai crypto unit, regulator revokes license

Fast facts

  • From Aug. 23, Huobi will classify New Zealand as a “restricted jurisdiction” and will only allow existing customers to close out their accounts with the firm.
  • In the blog post on Tuesday, Huobi said the decision was made to adhere to local compliance policies.
  • The exchange had only begun operating in New Zealand from June after announcing it was registered with the country’s financial services provider.
  • The firm’s derivative trading services include coin-margined futures, coin-margined swap, USDT-margined contracts, options exchange and traded products.
  • Huobi is banned from providing services in 11 jurisdictions, including the U.S., Canada and Japan, while users in 12 jurisdictions are banned from accessing derivative trading services, including in the U.K., China and Israel, according to the firm’s user agreement.

See related article: Huobi looks to sell stake that values exchange at US$3 bln, Bloomberg reports