The world’s largest crypto exchange Binance announced that from now on, Hong Kong users cannot open new derivatives accounts in Binance, and the remaining Hong Kong users have a 90-day grace period to close their open positions.
According to the announcement today, the exchange said its will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in-line with our commitment to compliance. In addition, another policy is to use the API only after completing KYC.
As AZCoin News reported, HK’s Securities and Futures Commission (SFC) said that no entity in the Binance Group is registered to conduct any regulated activity in Hong Kong. That meaning Binance has to leave Hong Kong soon.
On July 30, the exchange also was wind down futures and derivatives products across Europe, starting with Germany, Italy and the Netherlands.
At the same day, the Securities Commission Malaysia (SC) issued a public reprimand against Binance and ordered it to disable the website and mobile apps in Malaysia within 14 business days from 26 July 2021.
Overall, Binance has been in hot water with regulators globally as of late. Its operations have been banned by banks and regulators in a line of countries, including the UK, Italy, Japan, Hong Kong, Thailand…
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