Binance plans to stop providing Futures and Derivatives trading for all its European customers while Malaysia issues reprimand

Binance is to wind down futures and derivatives products across Europe, starting with Germany, Italy and the Netherlands.

“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions,” the exchange said.

Meantime, the Securities Commission Malaysia (SC) issued a public reprimand against the company and ordered it to disable the website and mobile apps in Malaysia within 14 business days from 26 July 2021. Immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors, and immediately restrict Malaysian investors from accessing Binance’s Telegram group.

CEO Binance Changpeng Zhao has also been specifically ordered to ensure that the above directives are carried out.

“The SC has issued a public reprimand against Binance for continuing to operate illegally in Malaysia despite being included in the SC’s Investor Alert List in July 2020. In this regard, the public reprimand was issued against Binance Holdings Limited (Registered in the Cayman Islands), its CEO Zhao Changpeng, as well as three other Binance entities, namely Binance Digital Limited (Registered in the UK), Binance UAB (Registered in Lithuania) and Binance Asia Services Pte Ltd (Registered in Singapore),” according to the report.

Overall, the world’s largest exchange 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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