Binance will cease offering Futures, Options, Leveraged Token to existing Australian users
Once again, Binance had succumbed to regulatory pressure when it announced it would be shutting down some of its key services in the Australian market.
Binance stops offering futures in the Australian market
On the morning of September 21, Binance announced that it would stop providing some services in the Australian market to fully and strictly comply with the regulations of this country. Accordingly, the products that will be closed in Australia include:
- Futures
- Options
- Leveraged Tokens
This decision of Binance will officially take effect from 09:00 on September 24, 2021. Australian users of Binance will have 90 days to reduce and close their positions on the above products. According to the announcement, users will still be able to fund their margin balance to prevent margin calls or liquidation of assets. However, they cannot average the price for orders or open new orders.
This decision of Binance has surprised and confused many people. Because in early September, this exchange appointed Leigh Travers – former CEO of DigitalX – as the new CEO of Binance Australia with the desire to strengthen the legality.
In general, in the past, the extensive legal storm has not let go of Binance but has become more and more intense. On September 5, this exchange also sadly announced to close entirely in Singapore despite all efforts in consolidating more qualified personnel.
Most recently, Binance continued to be investigated by US authorities with allegations of insider trading and market manipulation. Earlier, in mid-March, the CFTC also accused Binance of letting US users trade derivatives.
Constantly approaching lousy luck seems to have made CZ tired. Even after the letter to reassure the community, the CEO of Binance finally announced surrender and was ready to resign to help Binance develop better.
Read more:
- Binance Has Removed Some Offerings In Singapore Due To Regulatory Scrutiny
- Binance Has Taken Heat From National Regulators This Year, Is That The Reason BNB Price Hasn’t Crossed $500?