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Binance Is No More Offering Derivative And Future Trading Services For Its Hong Kong Users

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Hong Kong users won’t be able use derivative products on Binance. Recently Binance banned users from Germany, Italy, and the Netherlands from using its derivate products.

Read: Binance Stops Crypto Futures Trading Services Across European Countries


Binance ban on Hong Kong users is to protect new users, but it seems that the ban is more in line with Chinese crack down on crypto business.

Binance Writes:

“We believe it’s an important step for building local relationships and establishing our industry for the long term.

The ongoing development of our industry’s regulatory framework poses an opportunity for greater collaboration between the industry and regulators.

Binance is committed to working constructively in policy-making that seeks to benefit every user.”

 

Binance CEO said:

Binance pivoting from reactive compliance to proactive compliance. 

New Binance users from Hong Kong can no longer open futures accounts and we will wind-down access for existing users.

This is one of many proactive measures Binance is taking to help establish crypto compliance best practices worldwide.”




Binance CEO Aims To Make Binance Regulated Worldwide. Changpeng Zhao, Binance CEO and Founder, stated that Binance will work with local regulators in order to establish Binance regional headquarters.

In response to regulatory pressure, Binance has made several changes in recent weeks. After being warned by the Hong Kong Securities and Futures Commission, Binance pulled tokenized stock trading from its platform in July. Binance also announced that it has stopped futures and derivatives trading across Europe.

The exchange also reduced the daily withdrawal limit for non verified accounts also reducing Leverage Trading Limits. 

Read: Binance CEO Aims To Make Binance Regulated Worldwide, Also Daily Withdrawal Limit For Binance Unverified Accounts Reduced And Binance Leverage Trading Limit Reduced

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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