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Binance to End Crypto Derivatives in Australia by December
Existing Australian users have 90 days to close their positions on options, futures and leveraged tokens.
Updated May 11, 2023, 4:13 p.m. Published Sep 21, 2021, 4:19 a.m.
Binance is ending its derivatives offerings to Australian crypto traders by the end of this year.
Existing users have 90 days to reduce and close their positions on options, futures, and leveraged tokens. After Dec. 23, users will no longer be able to manually reduce their positions and all remaining open positions will be closed, the exchange said Tuesday.
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“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements and future opportunities, to determine changes and improvements,” a spokesperson for Binance told CoinDesk via Telegram on Tuesday.
The move follows last month’s restrictions on options, margin products and leveraged tokens where new accounts were barred from engaging. In a run-up to events, Binance also halted its crypto margin trading involving the sterling, the euro and the Australian dollar back in July in a bid to appease financial regulators.
Binance is a separate entity from Binance Australia, which, in turn, is operated by InvestbyBit, a company registered with the country’s financial watchdog AUSTRAC as a “digital currency exchange provider.” The embattled Binance brand has repeatedly been under fire from regulators globally, including in the U.S. where it has been accused of insider trading, among other accusations.
Read more: Top Australian Crypto Exchanges Say They Aren’t Threatened by the Bigger Players
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