Binance is Removing Some of its Services In The European Region

Binance is removing some of its services in the European region. The company starts first in the Netherlands, Germany, and Italy.

Cryptocurrency exchange Binance, which has recently been in trouble with regulatory agencies, has reported a new development. Binance said, “Today we have made the decision to remove our futures and derivatives products in the European region, starting with the Netherlands, Germany, and Italy.” Stating that it plans to remove its futures and derivatives products starting from Italy, Germany, and the Netherlands, the exchange announced that it will expand this policy to the European region as well. This decision of Binance will be implemented immediately and new cryptocurrency investors from these 3 countries will not have the opportunity to trade with derivative products. Providing information about current users, the exchange stated that a day will be determined for these people in the next period and that customers will have to close their open positions within 90 days after this determined date. In the statement made on the official Twitter account of Binance, the following was recorded: “We are constantly improving our product range and working with our partners to meet user needs in this regard. As of today, we plan to remove our derivative products in the European region, starting with the Netherlands, Germany, and Italy. The European region is a very important market for Binance and we are taking a step forward in complying with regulations that we think will be positive for the industry. We see that every country's perspective on cryptocurrencies has changed. We also positively see the opportunity to engage in a constructive dialogue with all these countries on regulations. Although we do not have futures and derivatives products actively in local markets, we plan to reduce such products throughout the region. Effective now, users in the Netherlands, Germany, and Italy will not be able to do deposits on Binance. Currently, active users have to close their derivative positions until the 90-day deadline from a date to be determined at a later time.”