Binance to Cease Offering Futures, Options and Leveraged Tokens in Australia
As of September 24, Binance users will no longer be able to use Futures, Options and Leveraged Tokens on the Binance.com platform as per the recent announcement.
To clarify the situation for Australian users, Binance Australia has reported to Crypto News: “We are aware of the recent announcement from Binance.com regarding its service changes for Australian users. The announcement has no direct impact on the services provided on Binance Australia. Our relationship with our users has not changed. Binance Australia is a digital currency exchange platform that enables Australian customers to easily buy and trade cryptocurrencies with the Australian Dollar (AUD). Binance Australia only offers spot conversion of fiat to digital currency and vice versa.”
Last month the company announced plans to restrict its derivative product offerings in Australia to comply with domestic regulations.
“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”.
Also recently, Binance introduced a mandatory KYC for all Binance users with a deadline of October 19 for any existing users to verify their accounts to continue using its services.
The new appointment of Leigh Travers (DigitalX) as Binance Australia CEO should help Binance establish a stronger framework around regulation in Australia as he has experience in the sector serving on the Board of Australia’s blockchain industry body.