Binance users in Australia have 90 days to close their futures, options and leveraged token positions.
Binance, the world’s largest cryptocurrency exchange by trading volume, reportedly continues to limit its services during ongoing global regulatory reviews and imposes new restrictions on trading in Australia.
From Friday, Australian users will no longer be able to open new positions or increase positions for derivatives on Binance. Similarly, from December 23, all positions will be automatically terminated by the exchange, even if clients do not manually close them.
What did Binance say?
“We are committed to our industry for the long term and want to make sure our product offerings are well received by users and local regulators,” a Binance spokesperson told Cointelegraph.
“Since Binance operates globally, we also follow local regulatory requirements in different markets. We want to make sure that any transition we do is not disruptive.”
These latest suspensions of Binance in Australia follow a set of similar restrictions in other countries. In August, Binance suspended trading of cryptocurrency derivatives in Brazil, following similar suspensions of its operations in Hong Kong. It had previously suspended derivatives trading for users in Germany, Italy and the Netherlands as part of its broader plans to discontinue these products across Europe.
It is a fact that the leading cryptocurrency exchange continues to have major regulatory issues globally. However, despite such news, the cryptocurrency market continues to grow strongly.
Finally, it’s worth noting that Binance Australia, like many other countries, has a separate board from Binance’s main exchange. Binance Australia is operated by InvestbyBit, which is registered with the country’s regulatory agency AUSTRAC.