Binance, the world’s number one cryptocurrency exchange has announced some changes in its dealings in Australia. As part of the changes, Binance will cease to offer futures, options, and leverage tokens.
“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,” Binance explained.
“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,” the crypto exchange said, adding that. “Users will no longer be able to manually reduce or close their positions after 2021–12–23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”
Binance Australia has recently gone through some changes. On Aug. 30, the company announced that former Digitalx CEO Leigh Travers had joined Binance Australia as CEO. Digitalx is an ASX-listed blockchain technology company.
In the last few months, Binance has faced serious scrutiny from regulatory authorities all over the world. From the United Kingdom to Netherlands, Singapore, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy, and Canada.
This development also comes as recent reports suggest the United States is the latest country to come after Binance, as its authorities moved to investigate the firm for possible market manipulation and insider trading.
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