Binance Australia To Take Down F&O Derivative Sevices Due To Strict Regulations

SNIPPETS

  • Binance said on Tuesday that it will stop offering futures, options, and leveraged tokens in Australia.
  • Customers with existing positions have 90 days from Friday to trim or withdraw their positions, according to the crypto exchange.
  • In August, it ceased issuing derivatives to new customers in order to comply with rules.

Binance is shutting off crypto derivatives for existing users in Australia by the end of the year, the exchange’s latest attempt to placate regulators.

Users will have 90 days from Friday to trim or abandon their positions in futures, options, and leveraged products on Binance’s platform, according to the business.

A tweet confirming the news.

After December 23, when all open positions are closed, they won’t be able to manually cut or exit their derivatives contracts.

The world’s largest crypto exchange by volume has been attempting to get ahead on compliance as it has come under investigation from regulators around the world.

Just weeks after banning new futures accounts, it informed Australian clients that they could no longer open new accounts for options, margin products, or leveraged tokens.

“Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”— BInance official said

Regulators in the United Kingdom, Singapore, Canada, Japan, Germany, and other countries have issued prohibitions and warnings about the crypto exchange’s operations.

It is also the subject of investigations in the United States, where the Commodity Futures Trading Commission is investigating Binance for insider trading.

Deccan Herald columnist Sharell Cook awares fellow Binancians to check out whether they have accounts registered in binance or in binance Australia.

Binance stated in July that it would do everything possible to comply with local legislation and obtain licences to operate in all countries.

It has discontinued issuing crypto derivatives in Brazil and has closed crypto trading in Singapore dollars on its website.

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