Binance Stop Futures Trading For Hong Kong users
Binance exchange confirmed that they will no longer allow futures trading accounts for Hong Kong new users. They are doing this because they want to follow the regulatory guidelines at a better level.
Binance Exchange is the biggest crypto exchange by trade volume. And also they are trying to be licensed & regulated Crypto exchanges globally. So they are taking mandatory decisions that are necessary to comply with the guidelines of the regulators.
Related: Binance Exchange plans to get regulated all over the world
Changpeng Zhao, CEO of Binance Exchange, tweeted today that they are stopping every new account to create futures trading features. And this will take into effect from now immediately.
This decision to halt derivative trading is also effective on the old users.
In the blog post, CZ shared that all the existing users which are doing futures trading should remove positions from crypto futures, options, tokens traded on leverage and margin products offered by Binance.
They also explained why they are doing so. They stated that this is because of the new policy of Binance exchange, so that they can make their platform more favourable to the guidelines of the regulators globally.
It should be noticed that Binance is starting to eliminate futures related trading from those countries where scrutiny pressures are high. Recently they decided to halt derivative trading for European region. They started from Germany, Italy and the Netherlands to halt derivative/futures related trading.
Read also: Xiaomi Company Now Accepts Cryptocurrency
