Binance regulatory issues
Cryptocurrencies are increasingly seen as a serious issue all over the world. Some of the world’s largest banks now recognize Bitcoin & Co. as an interesting investment asset that could change the future.
However, with the prominence of cryptocurrencies, the interest of individual states to regulate this financial asset is also increasing. Binance, in particular, has been struggling mightily with these very regulations of late.
In about a dozen countries, Binance was told that the exchange was operating outside of the law. Normal operations were allowed to continue under conditions, in part to protect the exchange’s customers.
Binance shuts down crypto derivatives trading
Nevertheless, the exchange must bow to the regulatory requirements of the respective states. For this reason, Binance’s crypto derivatives trading has already been closed in Germany, Italy and the Netherlands, among other countries. All open positions will be automatically closed in these countries on 28.10.2021.
As of today, Tuesday 21/09/2021, Binance published an official blog post listing that crypto derivatives trading will also be closed in Australia. As of today, the exchange’s clients have 90 days left to close their positions until they are automatically closed on 12/23/2021.
The products that will no longer be offered by Binance in Australia in the future include futures, options, as well as leveraged tokens. This is to seek proximity to the states and to take advantage of the opportunity to comply with regulatory requirements.
Our goal is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments in our industry’s regulatory framework as they provide opportunities for market participants to better engage with regulators. We are committed to working constructively on policy making that benefits all users.