- Binance will stop its derivatives offerings in Australia to comply with the local regulations.
- Users will have 90 days to reduce and close their positions on options, futures, and leveraged tokens.
Binance announced that they are going to end derivatives offerings services such as futures, options, and Leveraged tokens in Australia by the end of this year to comply with the local regulations.
In their blog, Binance mentioned that existing users will have 90 days to reduce and close their positions on options, futures, and leveraged tokens. After 90 days (Dec 23), users will no longer be able to reduce their positions manually. Also, all remaining positions will be closed after the deadline.
“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements,” said a spokesperson from Binance.
The move was taken after Australia imposed restrictions over options, margin products, and leveraged tokens to open new accounts, in the last month. Binance also halted margin trading using fiat currencies back in July.
At present, Binance is facing a backlash for its crypto exchange services. In the last few months, multiple regulators are criticizing Binance services for offering without holding requisite licenses. Recently, Binance was accused of insider trading in the US.