In response to the recent restrictions on digital currencies in China, the Hubei Exchange has adopted new policies banning access to its derivatives services and transactions in some countries. The name of Iran is also seen among these countries.
to the the report Hobby Digital Currency Exchange CoinDesk has published a list of 10 countries whose citizens are not allowed to use derivatives transactions, including China. In addition, the exchange has banned citizens of 11 other countries, including Iran, North Korea, Canada and the United States, from conducting any transactions.
The Singaporean exchange announced about a month ago that it intends to ban access to futures contracts and some leveraged investment products in “a certain number of countries and regions of the world.”
Now, a month later, the exchange has updated the “Terms and Conditions” section of its website and added the following text:
Citizens of China, Taiwan, Israel, Iraq, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Sevastopol and the United Kingdom (micro-investors in the UK) are not entitled to use Hubby Derivatives Services. [همچنین] Citizens of the United States, Canada, Hong Kong, Japan, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, and Crimea are prohibited from conducting digital asset transactions and related activities.
Hobby Exchange has not yet reacted to the update and made no direct reference to it.
Hubei is the latest digital currency exchange to respond to recent digital currency restrictions in China. In recent months, China has severely restricted digital currency transactions in exchanges and in markets outside the exchange, citing high levels of money laundering and speculation in the digital currency market.
China’s central bank on June 21 (June 31) required the country’s major banks to impose persistent restrictions on digital currency transactions, in particular the OTC market as the most supervised service. Need pointed out.
Of course, this is not the first time China has warned against restricting digital currency trading. Their first official warning was issued on May 18. China’s State Council, one of the country’s top government agencies, also backed the restrictions, and a combination of these factors prompted the Hubei Digital Currency Exchange to change its policies to keep up with the tide.
Chinese police believe that digital currencies have become a safe haven for cybercriminals to easily launder the proceeds. Another problem with the government is the leverage of digital currencies. Jason Wu, CEO of DeFiner Digital Currency Lending Platform, said in an interview that trading with digital currency leverage is extremely risky. The slightest change in price can lead to the liquidation of millions of accounts, and this in itself will lead to further price reductions.