In Brief:
- Binance will cease offering its products to South Africa users, including Futures, Options, Margin, and Leveraged Tokens.
- SA users will be prohibited from opening new accounts, reducing, and closing their positions for these products.
- Users will have 90 days to reduce and close their positions.
Binance, the world’s largest cryptocurrency exchange, continues to end its services in certain regions, this time in South Africa.
Binance announced its termination of products and services for South African users, These products include Futures, Options, Margin, and leveraged Tokens. The decision has been taken to comply with local regulations as told by the company.
South African users will not be allowed to open new accounts for these products. Additionally, they will be given 90 days to reduce and close their positions.
However, users can top-up margin balances to avoid margin calls and liquidations, but can not increase or open new positions. These offerings will be further terminated after 6th January 2021 to restrict reducing or closing users’ positions manually. Subsequently, all remaining positions will remain closed.
South Africa is not the only country to have an immediate effect of restriction in products offering, Binance had also ended its derivatives offering services in Australia last month. The issue is presumed to be affected by the conflict between the South African regulator and the Binance group in regard to unauthorized financial advice and intermediary services.
