More merchandise for Hong Kong
Via a press release, the Binance platform has just announced that it will no longer offer cryptocurrency derivatives to users in Hong Kong.
The announcement was taken with immediate effect. New users will no longer be able to open an account to trade cryptocurrency derivatives.
In addition, at a date to be announced later, users who still have an active account will have 90 days to close their open positions.
“We are going to restrict users in Hong Kong when it comes to derivatives. It also includes all futures, options, margin products and leveraged tokens. This decision follows our commitment to compliance, ”the platform said.
The move comes a week after the closing of derivative trading offers in Germany, Italy and the Netherlands.
In addition, these successive decisions are not trivial, since the platform is the subject of various investigations by several foreign regulators.
For example, the Cayman Islands regulator is monitoring Binance’s activities in its territory. Also, the company is the subject of a criminal complaint from the Thai SEC.
As a result, Binance CEO Changpeng Zhao recently acknowledged that the cryptocurrency space is now highly regulated and stressed that the company needs to move in this direction.
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About the Author: Anthony Bassetto