Hong Kong /
The world’s largest cryptocurrency exchange Binance, announced the latest in a series of changes it has made to improve compliance standards, restricting Hong Kong users derivatives trading
Users will not be able to open new accounts derived products effective immediately, and users of Hong Kong they will have to close their existing positions as of a date to be announced, the statement said, adding that this was “in line with our commitment to compliance.”
Regulators in Hong Kong, as well as Britain, Germany, Japan, and Italy have increased pressure on Binance in recent months, concerned about consumer protection and the standard of controls against money laundering on crypto exchanges in general.
Last month, the CEO of the exchange, Zhao Changpeng, said that wanted to improve relations with regulators and that Binance would seek to establish a regional headquarters, breaking with its decentralized structure.
Binance also said last month that it would close its futures and derivatives business in Germany, Italy and the Netherlands.