Binance News

Binance is cutting futures and derivative offerings for Europeans

TL;DR Breakdown:

  • Binance is planning to terminate futures and derivative products offering for Europeans.
  • Effective today, users in Germany, Italy, and the Netherlands won’t be able to open new positions in such products.
  • This comes after the exchange announced the reduction of the max leverage for futures trading to 20x.

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 futures and derivative products ends in Europe

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.

Binance is under close regulatory radar

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

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Recent Posts

What Bitcoin Has to Do with Your Retirement

Bitcoin has made the news every time it hit new record highs in terms of… Read More

September 24, 2021

The Best Blockchain Developers from All Over the World Will Gather for the International Blockchain-Tech Summit

On October 27-29, 2021, the International Blockchain-Tech Summit will bring together the world's best developers… Read More

September 24, 2021

Why is NFT art valuable? Understand why they are worth millions

Crypto art is a relatively new market that revolves around digital artworks registered and traded… Read More

September 24, 2021

How Patientory Solves Pandemic-Era Problems

Blockchain systems are pioneering growth and development across different industries. Patientory is one of the… Read More

September 24, 2021

KLAY Price Analysis: KLAY/USD set to break above the $1.6 resistance

TL;DR Breakdown Klay price analysis is bullish today.The overall cryptocurrency market is bullish for the… Read More

September 24, 2021

Avalanche Price Analysis: AVAX eyeing upper Bollinger band at $79

TL;DR Breakdown Avalanche price analysis is bullish for today.AVAX/USD retraced and found support at $66.5… Read More

September 24, 2021

This website uses cookies.