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Binance to shut down crypto derivatives trading in Australia this December




By Hannah perez

The exchange will completely stop crypto derivatives trading in Australia amid scrutiny from regulators around the world.

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Binance, the world’s largest cryptocurrency exchange by trading volume, is ending its trading offering of crypto derivatives in Australia.

The decision assumes that Australian cryptocurrency users will not have any access to trading futures, options and products. tokens leveraged. As reported by the exchange In a statement on Tuesday, the measure will take effect this December. As of September 24, users of Binance in Australia they will have 90 days to close their positions for derivatives.

Users will be able to recharge margin balances to avoid margin calls and settlements, but will not be able to increase or open new positions”They stated in the ad. After December 23, users will no longer have the ability to manually end their positions; all remaining open positions will be closed automatically.

Under scrutiny from regulators

The suspension of derivatives trading activities in Australia comes amid significant pressure from regulators on Binance. Over the past weeks and months, watchdogs in various countries have been warning the exchange about facilitating unlicensed operations.

Countries that have issued warnings to the company include Malta, the Cayman Islands, Japan, Italy, Brazil, Singapore, the Netherlands, Canada, Germany and the United Kingdom.

Last month, Binance stopped the offer of crypto derivative products in Brazil and Hong Kong, while restricted access to options, margin products and tokens leveraged for new accounts in Australia. In July, the The exchange had already chosen to stop crypto margin trading with the British pound, euro, and Australian dollar in an attempt to defuse pressure from regulators.

The latest decision to cease derivatives trading in Australia reinforces the latest measures taken by the exchange. Binance admitted that the interruption of these services occurs in the midst of his attempts to “have greater collaboration with regulators“. A spokesperson for the exchange commented to CoinDesk on Tuesday’s announcement:

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.

It should be noted that Binance is a separate entity from Binance Australia, as highlighted CoinDesk. The Australian subsidiary is operated by InvestbyBit, a digital currency exchange provider registered with the country’s financial control body, AUSTRAC.


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Sources: Binance, CoinDesk, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash







TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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