Binance continues to restrict its derivatives products and has recently targeted South African services. The exchange announced on Friday that it has discontinued crypto futures, options, margins and leveraged token services for its South African users.
“With effect immediately, South African users will be restricted from opening new accounts for these products,” the exchange said.
However, Binance has given existing users a 90-day period to reduce and close their open positions.
“Users will no longer be able to manually decrease or close their positions after 6 January 2022 23:59 (UTC). After that, all remaining open positions will be closed.”
Binance has received various warnings from several global regulators. Some even took enforcement measures and forced the crypto exchange to shut down their services. However, the South African regulator did not target the stock market for any reason.
Previously, Binance discontinued derivative services in several European countries, as well as in Australia and Hong Kong. It has even stopped offering spot trading services in Singapore on its primary platform, Binance.com.
Alongside these, Binance has taken a few more steps to align its services with regulatory frameworks. It has mandated KYC globally and appointed a large number of former regulators and government officials to key compliance roles.
“Binance welcomes developments in our industry’s regulatory framework as it provides opportunities for market players to further collaborate with regulators,” the exchange said.