As the crypto industry continues to dominate, financial regulators fear criminals will return to the industry for their illegal activities. This year 2021, was hot for the crypto industry in terms of control. Many financial watchdogs in the United States and other countries have pressed hard to regulate the sector.
Some top exchanges, including Binance, saw a lot of pressure from several companies, especially on many of their products.
The reason was that many of these exchanges could act as a means of money laundering without revealing the name of the transaction. As a result, some countries limit the activities of crypto exchanges in their markets.
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Benson has seen a lot of pressure from regulators around the world. Some countries and top financial institutions, such as the Dutch central bank, have accused terrorism of violating financial laws.
Australia has banned crypto futures trading
Under pressure from the largest crypto exchanges, the Australian government has banned them from offering crypto futures and options in the market. So now, traders will no longer be able to access such products from Binance.
The government has even warned all its citizens and residents who have invested in futures, alternatives and leverage tokens to close their positions within 90 days. Binance announced these guidelines on September 20, 2021.
Based on the information available, not all Australian users will invest in these products from Friday, September 24th. But from 24 December, By 2021, all etiquette of dealing in derivatives will be discontinued.
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In response to the ban, Benson’s representative stated that their goal was to ensure compliance and acceptability for all their products.
As such, they usually monitor the regulatory requirements of the areas in which they operate. However, with recent developments, the company will also try to protect the interests of users.
Restrictions on Binance keep growing
In addition to the recent sanctions on Australia, other countries have continued to restrict the activities of their markets. Also, many global regulators have been issuing exchange warnings.
Last month, for example, the exchange stopped offering its derivatives trading services in Brazil. Earlier, the Hong Kong government also suspended its activities.
Benson has closed its crypto derivatives business in many more countries, including the Netherlands, Germany and Italy. In exchange, European countries have decided to discontinue those services.
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Featured Image From Binance, Chart From Tradingview.com