Chinese Bitcoin Exchange Huobi to Launch Virtual Currency-Based Derivatives Platform BitVc
As the bitcoin/digital currency landscape in the People's Republic of China continues its evolution, major exchanges are looking for ways to expand their business models to, well, stay in business. Such is the case with the Huobi exchange. At the BTCChina 3rd anniversary celebration that took place this weekend, Huobi CEO Leon Li announced a new platform dubbed BitVc. It's a derivatives-based platform that includes margin trading, though as of current, it's very much still in beta. In fact, Leon Li handed out a few invitations to beta test the service, which launches to the public on the....
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Huobi is launching a bitcoin futures trading feature on its BitVC platform with a 10-day simulated trading competition to get users involved. The exchange is offering prizes of funded trading accounts to the top 50 traders in the competition, which closes at 12:00 (Beijing time) on 19th September. The only catch is, winners must then turn those accounts into profits to pocket the winnings. BitVC COO Wang Huaiqiang explained the competition's purpose: "We tried to design BitVC Futures to be easy for beginners to understand and convenient for experienced traders. Playing the game is a good....
Alongside its plan to pool 20% of all trading fees into a 'system reserve fund', Huobi informed CoinDesk it has now reimbursed all users who suffered from its "system loss allocation policy" in the form of credit for future trading fees. "BitVC will continue working toward our goal of providing a fair, transparent and stable trading platform, and we always welcome user feedback and suggestions," the platform added. BitVC, the digital currency futures trading platform owned by exchange Huobi, found itself on the receiving end of customer anger last week when it took 46.1% of traders'....
Futures trading platform BitVC has announced it will no longer offer litecoin futures to its users, as it shifts its focus to bitcoin. The platform, a subsidiary of Chinese exchange Huobi, said that the decision was taken due to a lack of user demand, and the growing consensus that the world will only have one cryptocurrency value. BitVC's announcement came via a Reddit post, which noted: "We believe it is in the best interest of our users and the industry to focus 100% of our attention and energy on bitcoin." It confirmed that litecoin and chinese yuan spot trading and litecoin....
The Seychelles-based cryptocurrency exchange originally founded in China, Huobi, has officially banned Chinese residents from swapping cryptocurrency derivatives, according to the company’s revised user agreement. China is now listed as prohibited and residents from the country are forbidden to use Huobi’s service. 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....
BitVC, the Hong Kong-registered subsidiary of China-based digital currency exchange Huobi, has officially opened its margin trading and digital currency savings accounts to the international public. Huobi's margin trading platform BitVC and its 'Yubibao' wallets, which also function as interest-bearing savings accounts, had been in an invitation-only beta phase since June. Speaking to CoinDesk, Huobi's Robert Kuhne said that more than 5,000 users had signed up and used their accounts during this trial period, with about 30% of current BitVC account holders residing outside mainland China.....