Claims that some Australian users have been blocked from accessing futures on Binance and that positions are being liquidated en masse have caused a short-term concern in Bitcoin.
A statement came from Binance on the subject.
“Our team has identified a small number of Australian users who have been mistakenly labeled as major investors (with more than $6.8M invested) on Binance.
Under Australian regulation we were required to notify these users and close any of their derivative positions immediately.
We have already contacted all affected users.
We will fully redress any losses incurred by these users while trading derivatives on Binance.”
With the panic that occurred as Binance closed the positions of these users, there was a sharp decline of close to 3%. After the statement from Binance, Bitcoin is trying to rise above $24,000 again.
Our team identified a small number of Australian users who were incorrectly classified as ‘Wholesale Investors’ on Binance.
As per Australian regulation, we were required to inform these users and close any of their own derivative positions with immediate effect.
— Binance (@binance) February 23, 2023
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