Binance has officially stopped trading futures and derivatives offerings across the European region, starting with Germany, Italy, and the Netherlands.
Despite the ongoing challenges it faces from worldwide regulators, the major cryptocurrency exchange continues to limit products available to users.
Users from these countries will be unable to open new futures or derivatives products accounts “with immediate effect” as a result of the decision.
Existing users are urged to close any open positions in these markets, according to Binance, who added that a further announcement would be made at a later date to confirm a 90-day period in which to close such positions.
Binance emphasised the relevance of European markets to their products and asked regulators to engage in a conversation about the regulations that must be met at the local level. Binance's attempts to collaborate with local and national regulators on the required conditions to operate in these areas are continuing.
Binance noted in a tweet, "The European region is a very significant market for Binance, and it is taking aggressive efforts towards harmonising crypto legislation, which is a positive indication for the industry."
Binance also stated that it "does not actively sell Futures and Derivatives Products locally" and that it intends to "further scale back" access to these products in Europe.
The statement comes on the heels of Binance's recent withdrawal of high-leverage trading items from its product offerings, as well as a seemingly never-ending barrage of regulatory scrutiny and monitoring from around the world.
Despite CEO Changpeng Zhao's recent efforts to please regulators, Binance has been forced to delist certain margin trading pairs and stop trading and supporting stock tokens such as Tesla and Coinbase. In August, Binance plans to reduce daily withdrawal limits from two Bitcoin (BTC) to 0.06 BTC.
Furthermore, leading UK banking institutions and payment processors have begun to restrict transactions to and from Binance, claiming “extremely high fraud rates” as a key reason for the move.
Binance has also been banned in Malaysia, with a 14-day deadline to cease operations. The Securities Commission of Malaysia has issued public enforcement measures against Binance for "Illegally Operating in Malaysia," according to a statement made today.
Binance has been given 14 business days to comply beginning July 26. Binance must shut its website and mobile apps in Malaysia, as well as cease "all media and marketing efforts," according to the ruling.
Changpeng Zhao, the CEO of Binance, was also ordered to guarantee that the injunction was followed to the letter. Malaysia's securities regulator also encouraged citizens to stay away from unlawfully operated cryptocurrency exchanges in the nation.
Authorities in India are investigating Binance-owned exchange WazirX to see if it was involved in alleged money-laundering via betting apps, which received more than $134 million in the last ten months. The Enforcement Directorate is looking into allegations that Chinese-operated betting apps used WazirX to launder money.
Despite recent regulatory challenges, Binance CEO Changpeng Zhao is confident about the exchange's future. He recently revealed that Binance US, a distinct company from Binance, was considering going public.
He stated, "Binance US is considering an IPO."
“Most authorities are aware of a specific pattern, such as a corporate structure or a headquarters. However, we're putting in place the institutions that will make going public easier.
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