Australia may be the next to take action against Binance

Reports claimed that Binance may face scrutiny issues or big action by the Australian regulators. Yesterday Binance announced to stop their services of derivatives trading in expanded form.

Binance exchange published a post through the blog. Where they clearly mentioned that they are stopping their new account opening services related to derivatives for Australian users. 

Already Binance exchange restricted Australian users to not to open derivatives trading account. And now the are restricting their users in more extended ways. From 19 August 2021, Australian users can’t avail services of margin products, and leveraged tokens. 

As already on 2021-07-08, Binance announced to stop derivatives trading accounts. Binance claims that the new restrictions are an extension of an earlier decision.

“This is an expansion of restriction since users from Australia were restricted from opening new futures accounts on 2021-07-08 (UTC)”

While Binance team clearly said that they are doing so because they want to make a favourable ecosystem for the crypto market.

“We want to create a sustainable ecosystem around blockchain technology and digital assets”

But here reports claim that, huge chances are Australian regulators are putting pressure on Binance Exchange, that is why they are closing all possible derivative related trading services to their users. 

If Binance is doing this to make the ecosystem better to grow in the local market then they should allow new rules and policies globally for all the users of every country, why are they only targeting the one, this is probable indication that they are getting some major issues. 

Read also: Binance following its commitment to shutdown of Derivative Offering in Europe

Binance is currently changing their derivatives trading related services for mostly European countries. And they are doing this because they are getting issues.

Read also: Russia orders citizens to reveal their crypto holdings