Binance prohibits users from Hong Kong from accessing derivative services

Binance acknowledged that from now on, users in Hong Kong will not be capable to use the brand new derivative services in Binnce. Existing users have 90 days to shut their open positions.

Binance plans to cease trading derivatives for Hong Kong @azcoinnews https://t.co/oPqigoGAyG

– AZCoin News (@azcoinnews) August 6, 2021

According to the latest announcement, the alternate stated it should restrict Hong Kong users to derivative merchandise (together with all futures, choices, margin and leveraged token merchandise) consistent with its dedication to ground compliance with the federal government.

In addition, a brand new coverage from Binance solely permits API utilization after users have accomplished KYC.

The Hong Kong Securities and Futures Commission (SFC) had beforehand acknowledged that no firm is registered inside the Binance Group to conduct regulatory actions in Hong Kong. This implies that Binance will quickly need to stop its enterprise actions right here.

On July 30, the alternate additionally issued derivative merchandise throughout Europe, beginning in Germany, Italy and the Netherlands, attributable to lack of a license.

On the identical day, the Malaysian Securities Commission issued a public reprimand in opposition to Binance, instructing the corporate to deactivate its web site and cell apps within the nation inside 14 days of July 26, 2018.

Overall, Binance is on the radar of regulators world wide. The alternate’s actions have additionally been banned by banks and regulators in a lot of international locations, together with the UK, Italy, Japan, Hong Kong, Thailand and WazirX, a trading platform they launched supposedly enabling cash laundering.

Cong Tu Ngang

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