Binance, the world’s largest cryptocurrency exchange by trading volume, continues to restrict its services during ongoing global regulatory reviews and announced the implementation of new trading restrictions in Australia.
Existing Binance users in Australia will have 90 days to reduce and close their positions in cryptocurrency futures, options and leveraged tokens. The exchange Announce September 20.
Starting Friday, Australian users will no longer be able to increase or open new positions in derivatives on Binance. The announcement stated that users can still replenish their margin balances to prevent liquidation and margin calls.
After December 23, Binance users in Australia will no longer be able to manually reduce or close their positions because all remaining open positions will be closed.
“We are committed to our industry for a long time, and we want to ensure that our products are welcomed by users and local regulatory agencies,” a Binance spokesperson told Cointelegraph. “As Binance operates globally, we also monitor local regulatory requirements in different markets. We want to ensure that any transitions we make will not cause damage,” the representative added.
Binance’s latest trading suspension in Australia follows a series of similar restrictions on exchanges in other countries Facing several warnings From multiple global regulatory agencies. In August, it was reported that Binance stop Brazil’s crypto derivatives trading follows a similar Suspend its Hong Kong businessPreviously, Binance suspended users’ derivatives trading Germany, Italy and the Netherlands As part of its broader plan to discontinue these products in Europe.