Yet Another Blow Against Binance

Yet another blow against the cryptocurrency exchange Binance. Binance is removing derivatives trading in Hong Kong.

Worlds largest cryptocurrency exchange Binance has announced that it will no longer be possible for users in Hong Kong to open new futures accounts. In a statement on its website, Binance's said, "We are limiting derivative instruments including futures, options, margin products and leveraged tokens for users in Hong Kong in line with our compliance criteria." Hong Kong has demanded that all cryptocurrency platforms be subject to money laundering and terrorist financing rules by registering with local regulatory agencies as requested, while increasing its controls over cryptocurrency trading throughout the country.

UK Had Banned Binance

The UK's Financial Management Authority (FCA) had banned Binance, the world's largest cryptocurrency exchange. The FCA also issued a warning on the Binance website, urging people to be wary of advertisements suggesting high returns from cryptoassets. Italy's financial regulator, CONSOB, has announced that Binance is not authorized to offer investment services in the country. The institution said the following to investors: "Companies belonging to the Binance group are not authorized to provide investment services in Italy, even if some of their websites are in English."