Binance will discontinue derivatives trading in Australia
Binance halted all crypto derivative & options trading for the Australian users, in order to comply with the regulators law.
Binance is the largest crypto exchange of the world by volume and also in recent months, exchanges tried to change their services in order to comply with the rules and regulation imposed by the regulators globally. In the latest, they decided to cease many risky trading products for Australian users.
Read also: Binance Suspended Futures Trading for Brazilian Clients
On 21 September, Binance exchange announced through a blog that they will no longer provide Futures, Options and Leveraged Tokens based trading products for all the existing Australian users of Binance. And this will take effect from 24 September.
And with this, Binance also announced that all the users have a maximum time of 90 days to close the orders and positions. While Users can’t open new positions.
“Users will be able to top-up margin balances to prevent margin calls and liquidations”
The reason behind the closure of their derivatives related services by Binance was also explained through the blog, they said that these steps are in order to comply with the regulators orders.
Binance exchange as well as regulators, both are active since a few months over crypto rules. Recently Binance exchange announced to close trading in the pairs of Singapore dollar and the Norwegian krone.
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