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Binance Will No Longer Offer Futures And Options Trading In Australia

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Binance, the leading crypto exchange by trading volumes, has announced that it will no longer offer futures and options trading in Australia.

On top of that, the company will also remove support for leveraged tokens, a derivative product that allows users to gain leveraged exposure to cryptocurrencies without risking liquidation.

Starting from Sept. 24, its Aussie customers will have 90 days to exit their positions.

 

Binance.com writes:

“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
Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.
Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

To ensure its products are compliant with regulatory requirements in each country, the crypto exchange took a variety of steps.

Binance imposed mandatory kYC for all new users, binance no more offered derivative and future trading services for its Hong Kong users, binance stopped crypto futures trading services across European countriesdaily withdrawal limit for binance unverified accounts was reduced and binance leverage trading limit was also  reduced from 101x to 20x.

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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