Binance is currently facing regulatory scrutiny in more than half a dozen countries threatening its global dominance. The severity of government warnings varies from different countries, however all 8 countries have stated that Binance is not regulated to offer their services in those countries.
And according to the latest source from Wu Blockchain, Binance Australia will suspend margin trading and crypto futures.
Binance Australia, the Australian subsidiary of the world’s largest cryptocurrency exchange, has announced that it will no longer offer all derivative products. The news was reported by popular crypto platform Wu Blockchain, which said some investors had informed them that BinanceAustralia will suspend margin trading and crypto futures contracts for customers.
“Some investors told WuBlockchain that Binance Australia will no longer offer future features for new residents.”
Binance has faced legal action against crypto futures and margin trading services for offering high leverage. Previously, the US-based CFTC also investigated Binance.US, whether it was providing its clients with leveraged trading services against the measures taken by regulators.
Binance recently stopped its crypto share offering just three months after launch due to regulatory issues raised by the German regulator BaFin.
The series of regulatory hurdles Binance has faced in recent months comes at a critical time as the majority of competitors are working with regulators to fully expand their offerings. Coinbase and FTX, two competitors, have made significant strides in terms of regulatory compliance and adoption.
Binance has been receiving regulatory warnings for some time. However, the exchange has downplayed them as usual warnings as it continues its services in these countries. However, the current scenario is very different as the crypto exchange has never faced multiple regulatory warnings at the same time.
The lack of physical headquarters for crypto exchanges is the biggest problem for regulators. As the main reason for the lack of a head office, the stock exchange shows the decentralization of its business activities. However, this poses a huge problem for investors when they have to file a complaint against the platform.
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