Binance, the largest crypto exchange in the world, will discontinue its derivatives offerings to crypto traders in Australia by the end of this year.
Binance’s officials have clearly decided to side with financial regulators by executing their conditions. This time the exchange will stop providing some of its services, such as operating futures, options, and leveraged tokens in Australia.
According to the announcement, Australian customers have 90 days to scale back and close their positions. Effective Friday, 24th September, users will be able to neither increase nor open new positions for derivatives merchandise on Binance. However, exchange’s customers will nonetheless have the opportunity to top-up their margin balances to forestall liquidations and margin calls.
“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user,” said a spokesperson for Binance.
In case any clients fail to exit their positions by 23rd December, they will no longer be able to manually interact with them after that since remaining open positions will be automatically closed.
According to Binance, the halting of these services comes as another attempt to establish greater collaboration with the regulators.
Binance took a similar hit less than two weeks ago when the company discontinued support for trading pairs in the Singapore dollar (SGD), again due to regulatory pressure. Previously, Binance suspended derivatives buying and selling for customers in Germany, Brazil, Hong Kong, Italy, and the Netherlands. US officials are probing to see whether Binance or its team profited by insider trading.
Binance will cease offering the following products to existing Australian users: futures, options, leveraged tokens.
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