Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: RSRS on August 03, 2021, 07:01:53 AM
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Binance, the leading cryptocurrency exchange by trading volumes, announced it is discontinuing its derivatives and futures products in Germany, Italy, and the Netherlands. This is likely the consequence of the regulatory crackdown that governments all over the world have exerted on Binance lately. The company also stressed this was the start of a complete plan to wind down their derivatives products offerings across the European region in a now-deleted tweet.
Binance Discontinues Derivatives Offering in Germany, Italy, and the Netherlands
Binance, one of the biggest cryptocurrency exchanges, has announced it will be winding down its derivatives and futures products in Germany, Italy, and the Netherlands, three countries that belong to the European Union. In its official statement, Binance stressed:
As the crypto ecosystem evolves globally, we are continually evaluating our products and working with our partners to meet our users’ needs.
Binance could be making reference to the statements given by its CEO Changpeng Zhao, who said the company is now compromised to register everywhere. The measure is already in effect, and users in these countries are now unable to open positions using these investment products. The affected user in the mentioned countries will now have 90 days to close their open positions. The company stated this would be the start of a full “winding down” of their derivatives and futures services in Europe in a now-deleted tweet.
More Information (https://cryptonews.net/en/news/market/1273751/)
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Binance announced that from now on, Hong Kong users cannot open new derivatives accounts in Binance, and the remaining Hong Kong users have a 90-day grace period to close their open positions. In addition, another policy is to use the API only after completing KYC. Binance wants to avoid problems with governments around the world.