Updated on | Posted in Cryptocurrency

Binance to cease crypto futures and options in Australia

Binance, the world’s biggest cryptocurrency trade with the aid of using buying and selling volume, maintains restricting its offerings amid the continued worldwide regulatory scrutiny, saying new buying and selling regulations in Australia.

Existing Binance customers in Australia can have ninety days to lessen and near their positions for merchandise like cryptocurrency futures, alternatives and leveraged tokens, the trade introduced Sept. 20.

Effective from Friday, Australian customers will not be capable of growth or open new positions for derivatives merchandise on Binance. Users will nevertheless be capable of top-up their margin balances to save you liquidations and margin calls, the assertion notes.

After Dec. 23, Binance customers in Australia will not be capable of manually lessen or near their positions as all closing open positions could be closed.

“We are dedicated to our enterprise for the long time and we need to make sure our product services are welcomed with the aid of using customers and neighborhood regulators,” a spokesperson for Binance instructed Cointelegraph. “We additionally reveal neighborhood regulatory necessities throughout one-of-a-kind markets as Binance operates globally. We need to make sure the procedure for any transition we make isn’t always disruptive,” the consultant added.

Related: Binance limits SGD product services in Singapore amid regulatory warnings

Binance’s present day buying and selling suspensions in Australia comply with a chain of comparable regulations in different nations amid the trade going through numerous warnings from a couple of worldwide regulators. In August, Binance reportedly halted crypto derivatives buying and selling in Brazil, following comparable suspensions on its Hong Kong operations. Previously, Binance suspended derivatives buying and selling for customers in Germany, Italy and the Netherlands as a part of its broader plans to quit those merchandise throughout Europe.