In a global regulatory audit, global cryptocurrency exchange Binance announced that it would stop offering futures, options and leverage tokens to Australian users within 90 days.
Change is coming to Binance Australia
Cryptocurrency exchange Binance on Tuesday announced some changes to its offers in Australia. The exchange will stop offering futures, options and leverage tokens to existing Australian users. Binance explained:
Effective 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and discontinue their position 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 raise or open new locations,” Benson added. “Users will no longer be able to manually reduce or close their location after 2021-12-23 11:59 PM (UTC). Then all other open positions will be closed. ”
Benson Australia has gone through some changes recently. Aug0 August, the company announces that Leigh Travers, former CEO of Digitallocks, has joined Benes Australia as CEO. DigitalX is an ASX-listed blockchain technology company.
Meanwhile, the exchange has been extensively scrutinized by global regulators, including the United Kingdom, the Netherlands, Singapore, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. Last week, reports indicated that U.S. authorities were investigating Binance for possible market manipulation and insider trading.
What do you think about the closure of Binens by stopping Derivatives Trading in Australia? Let us know in the comments section below.
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