Binance continued to restrict its services as the crypto exchange most just recently stops offering futures, alternatives and leveraged tokens to its consumers in Australia. According to the official statement on Tuesday, the step has been required to adhere to local regulations.
This came as an extension of already imposed limitation in Australia as the crypto exchange last month stopped the Australians from opening brand-new accounts for trading alternatives, margin items and leveraged tokens.
The crypto exchange giant will stop its offerings on September 24, the Aussie clients will have a 90 days deadline to decrease and close their positions for the stopped products. The exchange will enable users to increase or open brand-new positions, however they can top-up margin balances to prevent margin calls and liquidations.
« Users will no longer have the ability to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all staying employment opportunities will be closed, » Binance stated.
Compliance Is a Need To Now
Once aimed to offer crypto trading services with nearly every local fiat currencies, Binance is facing heavy regulatory reaction now. Several regulators, from huge and small jurisdictions, are flagging Binance’s services for offerings without holding requisite licenses.
The monetary regulator of Japan even stated that the exchange is operating in the nation without the compulsory license, while the Malaysian monetary watchdog made the exchange exit the country.
While the Australian regulator did not specifically issue any warning versus Binance, it released a basic warning versus all unlicensed crypto exchanges using services to Aussie traders.
« Our goal is to produce a sustainable community around blockchain innovation and digital possessions, » Binance added. « Binance welcomes developments to our market’s regulatory framework as they position opportunities for the marketplace gamers to have higher collaboration with the regulators. »
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