Binance Exchange will stop offering Futures and Derivatives trading products for all European users.
The Bloomberg Terminal reports that Binance Holdings will cease to offer Crypt–futures trading in Europe.
Walter Bloomberg reports:
“MAJOR CRYPTOCURRENCY EXCHANGE BINANCE SAYS IT WILL WIND DOWN ITS FUTURES AND DERIVATIVES PRODUCTS OFFERINGS ACROSS EUROPE.
BINANCE SAYS ITS USERS IN GERMANY, ITALY AND THE NETHERLANDS WILL, WITH IMMEDIATE EFFECT, NOT BE ABLE TO OPEN NEW FUTURES OR DERIVATIVES PRODUCTS ACCOUNTS.”
MAJOR CRYPTOCURRENCY EXCHANGE BINANCE SAYS IT WILL WIND DOWN ITS FUTURES AND DERIVATIVES PRODUCTS OFFERINGS ACROSS EUROPE
BINANCE SAYS ITS USERS IN GERMANY, ITALY AND THE NETHERLANDS WILL, WITH IMMEDIATE EFFECT, NOT BE ABLE TO OPEN NEW FUTURES OR DERIVATIVES PRODUCTS ACCOUNTS
— *Walter Bloomberg (@DeItaone) July 30, 2021
Binance Said:
#Binance will wind down its futures and derivatives products offerings in Germany, Italy, and the Netherlands.https://t.co/DhLdyk6Q7w
— Binance (@binance) July 30, 2021
Users in Germany, Italy, and the Netherlands will not be able to open new accounts for cryptocurrency futures trading with immediately effect.
Binance CEO Said on Binance decision:
“Regulatory compliance is a must, not a decision. And it leads to MORE market access and adoption, not less.Crypto adoption is probably around 2% now. Let’s go get the other 98% onboard.”
Regulatory compliance is a must, not a decision. And it leads to MORE market access and adoption, not less.
Crypto adoption is probably around 2% now. Let's go get the other 98% onboard.
— CZ ? Binance (@cz_binance) July 30, 2021
Earlier Changpeng Zhao, Binance CEO and Founder, stated that Binance will work with local regulators in order to establish Binance regional headquarters.
Binance’s CEO has also indicated that he is willing to step down in order to allow the exchange to become a regulated financial institution.
Zhao Said On Twitter:
“There are no immediate plans to replace me as CEO. I/we would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.
Financial regulators all over the globe are now looking into Binance as Binance received numerous warnings from seven countries regulators. Read More: Italy Becomes The 7th Country To Issue A Regulatory Alert Against Binance
Zhao stated that Binance is now looking to establish regional headquarters all over the globe, and has requested licenses whenever possible, in light of recent events.
The world’s largest crypto exchange has been in trouble with regulators around the globe. Banks and regulators in many countries had stopped its operations.