Huobi Reveals $138 Million Worth of Token Burned and Reportedly Restricted Derivatives
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According to Huobi’s latest HT (Huobi Token) monthly operation report, the company has burned an additional $138.579 million worth of Huobi Token (HT) in May. This is a continuing part of the token burning scheme.
As stated by TokenInsight’s 2021 Q1 Spot Market Research Report, Huobi has recorded a $68.63 billion trading volume in Q1. Huobi ranked first among exchanges with spot trading volume between $50 billion and $100 billion during Q1.
Huobi Token, Huobi Global’s ecosystem token, offers benefits like trading fee and margin discounts, and access to trading events. The company reserves 20% of exchange revenues every quarter to buy HT in the open market. The HT will be burned afterwards.
The company also burns tokens used in token listing channels to vote on token listings and for ticket sales from Huobi Prime.
Huobi Allegedly Restricts Derivatives for New and Existing Users
Huobi reportedly puts a tight lid on derivatives for new and existing users due to China’s regulatory crackdowns.
Chinese journalist Colin Wu tweeted that the company temporarily lowered the maximum allowable trading leverage from 125x to below 5x for existing users. Moreover, new users from China were prohibited from engaging in derivatives trading on the exchange.
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