Breaking: Binance Terminates Crypto Derivatives Offerings in South Africa

Breaking: Binance Terminates Crypto Derivatives Offerings in South Africa

Binance crypto exchange announced the termination of key crypto derivatives offerings in South Africa earlier today. The world’s leading crypto exchange said the discontinuation of certain products and services in the region to comply with the local regulations. The crypto derivatives services that have been terminated with immediate effect include Futures, Options, Margin trading, and leveraged tokens. \

The crypto exchange notified that existing users would have 90 days to close their open positions but won’t be able to put any new positions. The official announcement said,

“Users will have 90 days to reduce and close their positions for these products. 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. Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

“Users will have 90 days to reduce and close their positions for these products. 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.

Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

This would be the fourth such announcement made by the crypto exchange related to its crypto derivatives offerings across the world. The exchange first shut its derivatives offerings across Europe, followed by Australia, Hong Kong, and now South Africa.

This story is being updated

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