Huobi Prohibits Chinese Residents From Leveraging Cryptocurrency Derivatives
Huobi the Seychelles-based cryptocurrency exchange originally founded in China has officially banned Chinese residents from swapping cryptocurrency derivatives, according to the updated terms of service (ToS) and user agreement.
Chinese Citizens Are Now Banned From Huobi’s Crypto Derivatives Products
The digital currency exchange Huobi has updated its terms of service (ToS) and user agreement and notes that Chinese residents are banned from using Huobi’s crypto derivatives products.
Use of the service by persons located in the United States of America, Canada, Hong Kong China, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, and Crimea is prohibited. And anyone in mainland China, Taiwan China, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol, and the UK (retail users only) is prohibited from using the derivatives trading services provided by the Huobi website.
Huobi’s ToS changes follow Chinese internet services censoring specific keywords like Binance, Huobi, and Okex. Reports noted that Baidu, Sogo, Zhihu, and Weibo have been blocking specific crypto sites and banning any crypto-related search queries.
Huobi and Okex started removing the ability for Chinese residents to access specific crypto services at the end of May. Huobi announced at the time that it was discontinuing mining services to customers residing in mainland China.
