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Binance Has Halted Cryptocurrency Derivatives Offerings In Spain

Binance, the world’s largest cryptocurrency exchange by trading volume, has been ordered by the Spanish securities regulator, National Securities Market Commission (CNMV) to stop offering cryptocurrency derivative products to customers in the country.

Binance Has Halted Cryptocurrency Derivatives Offerings In Spain

Spain Orders Binance to Stop Offering Crypto Derivatives

According to a report from local media outlet, La Informac!on, BNB has complied with the regulator’s order to withdraw cryptocurrency-related derivatives, like futures contracts, for customers in the country.

The crypto platform is said to have withdrawn all derivatives services from Spain, preventing them from opening new operations. However, other operations are still being maintained, as the exchange is awaiting further response from the regulator.

The purpose of this measure is to protect investors. Reportedly, the regulator warned last year of the dangers of derivatives, saying they increase the complexity of trading operations and can also cause investors to lose even more.

The development comes a few days after BNB was approved by French regulators to operate in the country.

Binance’s Regulatory Woes

Binance Has Halted Cryptocurrency Derivatives Offerings In Spain

Binance is yet to be approved by the National Securities Market Commission (CVMV) because it has not yet been secured an operational certificate from the Bank of Spain, forcing the crypto trading platform to continue to remain in the CNMV’s gray list.

Italy, Singapore, Canada, Thailand, Iran, etc., are among the other nations that placed restrictions on BNB’s activities within their countries.

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.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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