Binance is closing crypto derivatives offerings in Australia…Details here
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Answer Binance is closing crypto derivatives offerings in Australia…Details here
Binance, the world’s leading cryptocurrency exchange by trading volume, has announced the closing of its crypto derivatives offerings in Australia.
According to advertiseBinance will stop offering cryptocurrency futures, options, and leveraged currencies in Australia starting September 24.
The platform claimed that the decision was based on compliance with local legal regulations.
Australian traders using crypto derivatives services via Binance will have 90 days from September 24 to close their existing margin accounts.
While no user will be able to make and open new trades related to margin trading.
Accounts will be terminated and users will not be able to reduce or close their positions after December 23rd.
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Binance said:
Derivatives Our goal is to create a sustainable ecosystem around blockchain technology and digital assets.
Binance welcomes developments in our industry regulatory framework, as we provide opportunities for market players to have greater collaboration with regulators.
We are committed to working constructively in policy making that seeks to benefit users.
This will be the fourth announcement by Binance to close crypto derivatives offerings in a specific region or country.
Earlier, Binance halted its derivative offerings across Europe, Hong Kong and South Korea.
Binance continues regulatory reform?
Binance faced the wrath of nearly a dozen regulators from around the world, who all warned Binance for its lack of legal compliance.
Binance has since made a series of decisions to mend its ways with regulators.
The CEO of Binance also stated that they are working towards developing a central headquarters as well as local offices in each country in which they operate.
Binance’s regulatory dilemma is at a critical juncture, as Binance seeks to work diligently with regulators to ensure full compliance with local rules.
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Binance is also facing the wrath of US regulators as the CFTC has reportedly opened an investigation into Binance in connection with the latter’s market manipulation and insider trading.
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