Binance Stops Futures and Options Trading in Australia Amid Regulatory Concerns

Binance Stops Futures and Options Trading in Australia Amid Regulatory Concerns

The regulatory clampdown against the world’s largest cryptocurrency exchange keeps pressuring the company to stop providing some of its services. The latest to close down are futures, options, and leveraged tokens for Australians.

  • Binance announced earlier on September 21st the latest change in its service offerings affecting Australian users only.
  • As of September 24th at 09:00 AM (UTC), the trading platform will stop offering Aussie customers trading of futures, options, and leveraged tokens.
  • All existing Australian customers will have 90 days to reduce and close their positions for any of the aforementioned services.
  • “Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.” – reads the statement.
  • If clients fail to exit their positions by December 23rd, 11:59 PM (UTC), they will no longer be able to manually interact with them after that – all remaining open positions will be automatically closed.
  • Binance admitted that the halting of these services comes amid its attempts to “have greater collaboration with the regulators.”
  • The company has come under the scrutiny of numerous global watchdogs in the past. This led to multiple internal changes in several branches. Changpeng Zhao, CEO of Binance, recently said the exchange will look for a new headquarter and will improve its structure.
  • Previously, the exchange also halted its derivatives products in other countries as well, including Italy, Germany, and the Netherlands.
  • Source