Binance Has Encountered Regulations In One More Country

Binance has encountered regulations in one more country. Binance will end derivatives services in Australia.

Binance, the world's largest cryptocurrency exchange by volume, will end its derivatives services in Australia, as well as in the Netherlands and Italy. Binance CEO Changpeng Zhao said, “80% of my day is spent thinking about regulations.” Binance exchange also took an important step in Australia and announced that it will remove its derivatives trading services. Users have 90 days to close their positions on related services, and as of December 23, all positions will be automatically closed by the crypto exchange, even if customers do not close them manually.

Binance Spokesperson Made a Statement on the Subject

In a statement made by the Binance exchange spokesperson to the American media organization CoinDesk on the subject, the following expressions were used: "We are constantly checking and updating our product offerings and activities according to user demand as well as evolving regulatory rules." Last month, Binance also restricted the use of leveraged and options products by new customers who signed up for the exchange. In July, the stock market banned leveraged transactions with the Euro, British pound and Australian dollar.