Binance makes changes to its services in Australia
Crypto exchange Binance has announced that it will terminate its cryptocurrency derivative services in Australia by the end of the year. This comes as the exchange continues to make changes to ensure it complies with the regulatory requirements in various countries.In a blog post earlier today, Binance said, “Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.”
Following the termination of the service, Australian Binance users will no longer be able to manually reduce or close their positions. All the opened positions will be closed from 2021-12-23 at 11:59 PM (UTC).
Binance is currently under investigation in the United States
The crypto exchange is currently being investigated by officials of the United States government. The investigation had been expanded to include whether Binance or its staff profited by taking advantage of its customers.Binance said it intends to make changes that would ensure it operates within the purview of the law. “Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user,” Binance added.
The crypto exchange has suspended derivative trading services in a few countries, including Hong Kong and Europe.
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