Binance exchange users in the Netherlands, Germany, and Italy can no longer open new futures trading accounts, according to a report released by Beincrypto on Friday.
- Binance announced the start of its plan to shut down its derivatives product offering across European markets. Users from these countries will have 90 days to close their derivatives positions from the date of the announcement.
- Binance highlighted its efforts to push for harmonization of cryptocurrency regulations. The exchange welcomes constructive dialogue and agreement on requirements at the local level.
- The move is part of the Binance purge after earlier this week, Binance suspended margin borrowing for large cryptocurrencies and their Australian dollar, euro, and sterling pairs from Aug 10.
- A day earlier, CEO Zhao also announced that the platform would be limiting the maximum leverage for trading crypto futures for new users to 20 times.
The regulatory difficulties Binance has been experiencing can be traced back to when it used stock tokens in April. These offerings alarmed Germany’s financial regulator BaFin.
BNB USD down -1.97%, BTC USD slips 2.63%