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.
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:
- Binance Stops Fiat Deposit, Purchase Of Crypto Through Fiat Channels And Spot Trading Services For Singapore Users
- Binance Will No Longer Offer Futures And Options Trading In Australia
- US Commodity Futures Trading Commission (CFTC) Probes Binance Over Allegations of Possible Insider Trading And Market Manipulation
- The UK Financial Conduct Authority (FCA) Cleared Binance
- Binance Hires Richard Teng As Singapore CEO, Binance Impose Mandatory KYC For All New Users And Halts Future Trading For Brazil
- UK Court Orders Binance To Find And Freeze $2.6M Hacked Funds That Were Stolen From Fetch.Ai Binance Account
- Binance Is No More Offering Derivative And Future Trading Services For Its Hong Kong Users
- Binance Stops Crypto Futures Trading Services Across European Countries
- Binance CEO Aims To Make Binance Regulated Worldwide, Also Daily Withdrawal Limit For Binance Unverified Accounts Reduced And Binance Leverage Trading Limit Reduced
- Italy Becomes The 7th Country To Issue A Regulatory Alert Against Binance
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