Binance stops crypto futures and options in Australia

Binance, the world’s largest cryptocurrency exchange by trading volume, continues to curtail its services as a global regulator inspects and announces trading restrictions.

Existing Binance users in Australia have 90 days to reduce and close their positions in products such as crypto futures, options and leveraged tokens, the exchange said on Thursday, September 20.

As of Friday, Australian users will no longer take or open new positions for derivatives on Binance. The announcement said that users will still be able to top up their margin balance to prevent liquidations and margin calls.

After December 23rd, Binance users in Australia will no longer manually reduce or close their positions as any remaining open positions will be closed.

A Binance spokesperson told Cointelegraph, “We are committed to our industry long term and want to ensure that our users and local regulators welcome our product offerings. “We also monitor local regulatory requirements in various markets as Binance operates globally. We want to make sure that the process is uninterrupted for every transition we make, ”added the representative.

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Binance’s recent trading suspension in Australia follows similar restrictions in other countries as the exchange faces multiple warnings from multiple global regulators. Binance reportedly stopped trading crypto derivatives in Brazil in August after a similar shutdown in Hong Kong. Previously, Binance had suspended derivatives trading for users in Germany, Italy and the Netherlands to stop trading these products across Europe.