Binance Will Shut Down Crypto Derivates In Australia

2021-09-21 17:47:30
Binance Ends Crypto Derivatives In Australia

Australia is the latest country where Binance intends to stop offering and to shut down all crypto derivatives operations. For that matter, this leading exchange informs all users from Australia that they have 90 days to close/cancel their positions for crypto-related products. Specifically for futures, leveraged tokens and options.

In fact, starting from Friday the 24th, users from Australia won’t have the possibility to open or increase new positions at all. Moreover, while derivatives are out of the picture, users still can augment their balance in order to prevent margin calls and liquidations.binance shadow logo

And already from the 23rd of December, Australian users won’t be able to close or reduce their positions manually. In addition to Binance plans of closing the remaining open positions.

As a result, the exchange feels like this step is only logical in order to provide the users with a convenient transition. However, considering the frequent and strict perusals lately by local regulators worldwide, Binance is in a tricky situation. Here is what a Binance representative had to say on the matter in an official statement:

We are committed to our industry for the long term and we want to ensure our product offerings are welcomed by users and local regulators. In addition, we monitor local regulatory requirements across different markets as Binance operates globally. We want to ensure the process for any transition we make is not disruptive. Official Statement - Binance Representative
Not The First Time

Consequently, Binance decision to shut down crypto derivatives in Australia is nothing new for this leading crypto exchange. In fact, the company already suspended its operations in several countries. In particular Germany, Italy, Netherlands, Brazil and Hong Kong.

Especially after more and more financial and state regulators started to scrutinize and monitor every move that Binance makes. Which is only natural to result in this exchange withdrawing its services and looking for other solutions elsewhere.

 

 

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