Leading exchange, Binance announced Friday it is terminating futures and derivative products offering for Europeans. This is effective immediately for users in three European regions, namely Italy, Germany, and the Netherlands.
The announcement today is coming at a time where the exchange is facing intense regulatory pressure from different regulators. Consequently, Binance has announced several changes to its offerings as it aims to be a compliant and regulated exchange everywhere.
Binance is planning to end futures and derivative products offerings across Europe. However, starting today, Binance users in the Netherlands, Italy, and Germany won’t be able to open new positions with the affected products. Users in these three countries have up to 90 days to close any related positions.
“As the crypto ecosystem evolves globally, we are continually evaluating our products and working with our partners to meet our users’ needs,” Binance wrote.
In another report, the Malaysian Securities Commission (SC) issued a notice to Binance to cease its operations in the region. The SC accused the company of illegally operating in their country, ignoring their previous warning to identify with the appropriate body. Binance has about 14 workdays to stop operating in Malaysia, per the report.
It’s no longer news that Binance has been under regulatory radar for the past few weeks. In the wake of these challenges, the exchange suspended and amended some of its offerings. Recently, it discontinued support for tokenized stocks and also limited its maximum leverage for futures trading to 20x for “consumer protection” sake, it said.
This post was last modified on July 30, 2021 1:16 pm
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