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Binance Stops All Crypto Derivatives Offerings in South Africa

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BINANCE has stopped offering derivative products within South Africa.



Binance, the most powerful trading platform for crypto worldwide, announced modifications to its services to customers in South Africa on Friday. The company will cease offering the following services to South African users:

  • Futures
  • Options
  • Margin
  • Leveraged tokens.

 

With immediate effect, South Africa users will be unable to create new accounts for these products. Customers get 90 days within which they can reduce or end their positions for these products. Users will not be able to create new derivative positions, but they can top-up margin balances to prevent margin calls and liquidations.

Users will not manually decrease or eliminate their positions following the 6th of January, 2022, at 11:59, am (UTC). After that, all open positions will be shut down automatically.

In September, BINANCE customers from Singapore were barred from accessing certain functions on Binance.com, including Fiat’s deposit service, trading in cryptocurrency spots, purchasing Cryptocurrencies via Fiat channels, and liquid swaps.

 

The restrictions are in place when Binance faces a flurry of legal actions against it. For instance, Binance was targeted by the Malaysian Securities Commission announcing that Binance is operating illegally in the country. In addition, the Securities and Futures Commission of Hong Kong (SFC) has also warned Binance. 





Read More On Binance regulations:

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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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