Binance Bans Crypto Derivatives Trading In Europe

Beginning with Germany, Italy, and the Netherlands, Binance has formally stopped trading futures and derivatives products throughout the continent of Europe.

Despite persistent difficulties from international regulators, the top cryptocurrency exchange still places restrictions on the things that consumers can purchase.

As a result of the change, users from these nations will no longer be able to open new futures or derivatives product accounts.

If any current users have open positions in these markets, Binance recommended them to close them. The company added that a subsequent announcement would be made to confirm a 90-day window for closing open positions.

The exchange made it clear how crucial European markets are to their product offerings and asked policymakers to start a conversation about the conditions necessary at the local level. The conversation represents the ongoing attempts to work with regional and federal regulators on the prerequisites for conducting business in these areas.

“The European region is a very important market for Binance, and it is taking proactive steps towards harmonising crypto regulations, which is a positive sign for the industry,” wrote Binance in a tweet.

Additionally, the exchange stated that it “does not actively advertise Futures and Derivatives Products locally” and that it intends to “further scale down” access to these products in Europe.

Following a recent removal of high leverage trading items from Binance’s product line and what appears to be an endless wave of attention and oversight from international regulators, the company made the announcement.

Despite recent attempts by CEO Changpeng Zhao (CZ) to placate regulators, Binance has been forced to delist some margin trading pairs and stop supporting and trading equity tokens like Tesla and Coinbase. In August, Binance plans to reduce the daily withdrawal cap from two Bitcoin (BTC) to 0.06 BTC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News