Binance Australia To Shut Down Crypto Futures Trading Amid Regulatory Concerns
23 September 2021 - 7:00AM
NEWSBTC
As the crypto industry continues to dominate, financial regulators
fear criminals will turn to the industry for their illicit
activities. This year 2021, has been hot for the crypto industry in
terms of regulation. Many financial watchdogs in the USA and other
countries pushed harder to regulate the sector. Some top exchanges,
including Binance, saw a lot of pressure from several bodies,
especially on many of their products. The reason was that many of
these exchanges could serve as a means of money laundering given
the anonymity of the transactions. As a result, some countries keep
limiting the operations of crypto exchanges in their markets.
Related Reading | Bitcoin Holders Take Profits As Price Falls,
Indicators Remain Bullish? Binance has seen a lot of pressure
from regulators all over the world. Some countries and apex
financial bodies such as the Dutch Central Bank have accused the
exchange of non-compliance with financial laws against terrorism.
Australia Bans Crypto Futures Trading Amid the pressure on the
largest crypto exchange, the Australian government has banned them
from offering their crypto futures and options in their market. So
now, traders will no longer access such products from Binance. The
government even warned all their citizens and residents who have
invested in futures, options & leveraged tokens to close their
position within 90 days. Binance announced this instruction on
September 20, 2021. Based on the available information, all
Australian users will not invest in these products starting from
Friday, September 24. But they can increase their margin balances
against liquidation & margin calls. But from December 24, 2021,
all manners of transactions on derivatives will close down. Related
Reading | Did Turkey’s President Say “We Are In A War Against
Bitcoin”? An Investigation In response to this restriction,
Binance’s representative stated that they aim to ensure compliance
and acceptance for all their products. As such, they usually
monitor the regulatory requirements of the localities wherein they
operate. But with the recent development, the company will also try
to protect the interests of the users. Restrictions On Binance Keep
Growing Apart from the recent restrictions in Australia, other
countries have been limiting the operations of Binance in their
markets. In addition, many global regulators have also been issuing
warnings to the exchange. For instance, last month, the exchange
stopped offering its derivative trading services in Brazil. Before
that, the Hong Kong government also suspended its operations.
Binance also halted its crypto derivatives trading in many other
countries, such as Netherlands, Germany, and Italy. According to
the exchange, it has decided to stop those services in European
countries. crypto market is recovering from an abrupt decline |
Source: Crypto Total Market Cap on TradingView.com Featured Image
From Binance, Chart From Tradingview.com
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