Binance suspends futures, options trading in Australia amidst regulatory troubles 🚨 This article is 3 years old...
Binance suspends futures, options trading in Australia amidst regulatory troubles
Binance has announced that it would no longer offer some trading options in Australia.
1 min read
Updated: Sep. 25, 2021 at 2:12 am UTC
Photo by Toby Cannell on Unsplash
In its latest attempt to be more regulatory compliant, Binance has announced that it would not be able to offer its users in Australia access to futures and options trading. This was contained in an announcement made earlier today.
No future tradings for Aussies using Binance
According to the official announcement released by the platform, the leading crypto exchange would also be suspending accessibility to leverage tokens. Leverage tokens is a derivative product that traders could use to gain some level of leveraged exposure/position to crypto assets without the high level of risks attached to liquidation.
“As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users: Futures, Options, Leveraged Tokens,” the press release reads in part.
The announcement also revealed that Aussies would have a maximum of 90 days to close their positions on these trading products. The 90 days period is expected to start from September 24 and would close by December 23. This means that any user who is unable to close their position by that period would be unable to do so again.
Binance’s regulatory compliance efforts
This came a few weeks after the exchange restricted new accounts in the country from options, margin products, and leveraged tokens. Recall that in July, Binance also suspended margin trading using sterling, the euro, and the Australian USD in compliance with local regulations.
While the exchange has taken some actions to become more regulatory compliant, its regulatory troubles remain unchanged. Just recently, we reported that the CZ-led exchange and its staff could be under investigation by the CFTC for possible insider trading.
Though the exchange has spoken tough about this “investigation,” however, financial regulators are still on the neck of the crypto firm.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.