Amid regulatory scrutiny worldwide, global cryptocurrency exchange Binance has announced that it will cease offering futures, options, and leveraged tokens to Australian users in 90 days.
Changes Coming to Binance Australia
Cryptocurrency exchange Binance announced some changes to its offerings in Australia Tuesday. The exchange will cease offering futures, options, and leveraged tokens to existing Australian users. Binance explained:
Effective from 2021-09-24 09:00 AM (UTC), existing Australian 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,” Binance added. “Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”
Binance Australia has recently gone through some changes. On Aug. 30, the company announced that former Digitalx CEO Leigh Travers had joined Binance Australia as CEO. Digitalx is an ASX-listed blockchain technology company.
Meanwhile, the exchange has been heavily scrutinized by regulators worldwide, including those in the U.K., Netherlands, Singapore, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy, and Canada. Last week, reports indicate that U.S. authorities are investigating Binance for possible market manipulation and insider trading.
What do you think about Binance ceasing offering derivatives trading in Australia? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
This story is not been edited by the Supperrb.com Staff and is auto-generated from this syndicated feed