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Crypto Exchange Binance Ceases Derivatives Trading in Australia

Crypto Exchange Binance Ceases Derivatives Offerings in Australia

Amid regulatory scrutiny worldwide, global cryptocurrency exchange Binance has announced that it will cease offering futures, options, and leveraged tokens to Australian users in 90 days.

Changes Coming to Binance Australia

Cryptocurrency exchange Binance announced some changes to its offerings in Australia Tuesday. The exchange will cease offering futures, options, and leveraged tokens to existing Australian users. Binance explained:

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,” Binance added. “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.”

Binance Australia has recently gone through some changes. On Aug. 30, the company announced that former Digitalx CEO Leigh Travers had joined Binance Australia as CEO. Digitalx is an ASX-listed blockchain technology company.

Meanwhile, the exchange has been heavily scrutinized by regulators worldwide, including those in the U.K., Netherlands, Singapore, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy, and Canada. Last week, reports indicate that U.S. authorities are investigating Binance for possible market manipulation and insider trading.

What do you think about Binance ceasing offering derivatives trading in Australia? Let us know in the comments section below.



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