Binance following its commitment to shutdown of Derivative Offering in Europe

As per announcement Binance users from Germany, and Italy can no longer open new futures trading accounts.

Recently Binance Exchange announced that they will close their services of futures trading for European regions. And also they requested all the users to close their position of futures trade.

Now on 30 July, Binance published at their website that  

“Binance will wind down its futures and derivatives products offerings in Germany, Italy, and the Netherlands”

So now Binance users from Germany, Italy & Netherlands will not be able to use the futures trading option. Here it should be noticed that existing Binance users can access the futures trading facilities while new users of these countries can’t create futures trading accounts. 

And also Binance requested to all the users of Germany, Italy & Netherlands that they should close their position before 90 days of their announcement day. So clearly existing futures trading users of such countries have a maximum 3 months to quit from derivative trading.

Beside their announcement, Binance Exchange claimed that this is their efforts  towards harmonizing crypto regulations and comply with the rules and guidelines of regulators of such a region. And this is a totally positive sign for the crypto industry because they are moving toward legalization of crypto space.

Binance  Exchange doing their best to follow the rules & regulations of the regulators. They recently reduced the limit of derivatives trading to 20× from 100×. And also they reduced the withdrawal limit to around 0.06 btc which will require basic verification of the account.

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