Home » Binance Halts Derivatives Trading in EU

Binance Halts Derivatives Trading in EU

Binance Halts Derivatives Trading in EU

In the Netherlands, Germany, and Italy, the world’s biggest bitcoin exchange is suspending its futures and derivatives products.

Another of Binance’s offerings is now being phased out due to ongoing regulatory scrutiny.

Binance’s Derivatives Offering has been discontinued.

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    Binance Halts Derivatives Trading in EU

    Binance is limiting the availability of derivatives products in European countries.

    “We’re continually evaluating our products and working with our partners to meet our users’ needs.

    Today we’re announcing that we plan to wind down our derivatives products offerings across the European region, commencing with the Netherlands, Germany, and Italy.

    — Binance (@binance) July 30, 2021

    The exchange announced the decision on Friday, stating that it would first affect customers in the Netherlands, Germany, and Italy.

    Despite the notice’s absence of other countries, the exchange said that derivatives trading would be suspended “across the European region.”

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      According to the statement, Europe is a “very important market” for the exchange, and the region has made “proactive steps toward harmonising crypto regulations.”

      According to the exchange, customers in the Netherlands, Germany, and Italy would be unable to open futures or derivatives accounts immediately. Binance offers a variety of derivatives, including perpetuals, futures, options, and leveraged tokens.

      Binance seems to be going to considerable efforts to appease regulators, as shown by this update. This month, the exchange reduced leverage restrictions from 100x to 20x, as well as daily withdrawal limits for unverified clients, launched a tax reporting tool, and ceased operations of its tokenized stock offering. The changes are the product of weeks of intense research by experts from all around the world. The United Kingdom, Singapore, Japan, and Italy have all expressed concern over Binance’s practises in recent weeks.

      Binance CEO Changpeng Zhao said in reaction to the demand that he wants to adhere to regulatory requirements. Earlier this month, he published an open letter on the subject, saying that he would want to hire a contingent CEO with exceptional compliance credentials.

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