Binance to cease crypto futures and options in Australia. In other words, Binance, the world’s largest cryptocurrency exchange by trading volume, has announced additional trading limitations in Australia. As part of increasing worldwide regulatory scrutiny.
Furthermore, existing Binance customers in Australia will have 90 days to decrease and close their holdings in cryptocurrency futures. As well as options and leveraged tokens, according to the exchange.
Moreover, Australian users will be unable to increase or create new derivatives positions on Binance as of Friday. According to the statement, users will be able to top up their margin balances to avoid liquidations and margin calls.
Users in Australia will no longer be able to decrease or terminate their positions manually after December 23, since all open positions will be closed.
Whatever change we make is as painless as possible
Binance’s spokesman remarked, “We are dedicated to our industry for the long term and want to guarantee our product offerings are embraced by users and local authorities.” “We also monitor local regulatory needs across different regions since Binance operates internationally.” We want to make sure that whatever change we make is as painless as possible,” the spokesperson stated.
Binance’s recent trade halts in Australia follow a slew of similar restrictions in other countries, as the exchange faces various regulatory warnings from across the world. The company allegedly stopped trading crypto futures in Brazil in August, after similar halts in its Hong Kong operations. Binance has already halted derivatives trading for customers in Germany and Italy. As well as the Netherlands as part of a larger strategy to phase out these products across Europe.
Binance heads firmly towards compliance
The exchange has been actively recruiting human resources. In order to improve its compliance and tighten control over the money traded on its platform. Binance just announced the addition of Nils Andersen-Röed, a former Europol Dark Web expert, to its investigations and audits team.
Additionally, Binance had appointed Greg Monahan, a former US Treasury criminal investigator. As Binance’s Global Money Laundering Reporting Officer last month in order to enhance the exchange’s AML standards.