With China’s recent crackdown on crypto trading, crypto exchange Huobi is presenting even more limitations on its platforms. In an unique discovery, Chinese crypto reporter Colin Wu reported that now limited leverage margin to less than 5x for its existing Chinese users. This is an enormous drop down thinking about that the previous leverage margin was 125x.
A couple of weeks back following the regulative rout in China the crypto exchange completely stopped brand-new users from trading derivatives on its platform.
Unique: Due to concerns about regulatory policies, China'' s biggest exchange Huobi just recently limited the leverage of existing users to less than 5x after stopping new users in China from utilizing derivatives. The previous optimum was 125x pic.twitter.com/B5MWVJYGzK
—– Wu Blockchain (@WuBlockchain) June 16, 2021
As per information from CoinGecko, Huobi’s 24-hour derivatives exchange clocked $2.9 billion in trading volumes ranking 3rd while Binance was in the very first position $6.6 billion in transaction volumes.
Apart from simply China, Huobi is also facing bumpy rides in other Asian markets like South Korea amid increasing regulatory actions. On Wednesday, June 16, local news publication Arirang reported that Huobi Korea has actually stopped trading its native crypto Huobi Token following regulatory warnings from South Korea’s Information Security Management System.
Huobi Burns $138 Million Worth of HT Tokens In May
In its most current press release, Huobi has verified that it burned 5.826 million HT worth around $138.579 million during the last month of May. This belonged of the set up burning occasion conducted by the exchange. Ciara Sun, Vice President of Huobi Global Markets said:
“The excellent efficiency figures in HT stem our core trading organization. We have actually tape-recorded a $68.63 billiontrading volume in Q1, according to the information launched by TokenInsight’s 2021 Q1 Spot Market Research Report. Huobi has ranked initially among exchanges with area trading volume between US$ 50 billionand US$ 100 billion during this duration”.
Huobi Token is the native cryptocurrency of the Huobi exchange. It brings a range of benefits like trading charge and margin discount rates. Every quarter Huobi utilizes 20% of its income to purchase HT tokens from the open market and burn them.
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