Binance, the world’s largest cryptocurrency exchange by trading volume, has fallen to regulatory pressures again as it announces the discontinuation of cryptocurrency futures and options trading in Australia, the 6th largest country in the world.
According to the announcement, existing Binance users in Australia will have 90 days to reduce and close their futures and options positions. It stated, “As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users: Futures, Options and Leveraged 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. 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.”