Saturday , September 25 2021

Binance will reverse the ability to trade crypto derivatives in three European countries



Bitcoin exchange Binance has announced plans to launch the possibility to trade crypto derivatives in Europe, starting with Germany, Italy and the Netherlands.

“With immediate effect, users from these countries will not be able to open new accounts for futures or derivatives products. “From a later date, which will be announced in the future, users will have 90 days to close positions,” the statement said.

Earlier, the crypto-currency exchange reduced the daily withdrawal limit for new users who have passed basic account verification from 2 BTC to 0.06 BTC. Binance has also cut leverage on the futures platform up to 20x.

On July 28, the company announced the launch of a new one APIallowing customers to track their cryptocurrency transactions to meet tax obligations.

As a reminder, in June, the UK Financial Conduct Authority banned Binance Markets Limited from any regulated activity in the country without prior written approval.

The Cayman Islands began monitoring the exchange, Thailand and Hong Kong accused the company of operating without a license, and Japan issued a further warning.

Polish regulators have called for caution in using Binance’s services. Italy and Malta have warned consumers about unregulated activities of the company.

Amid pressure from regulatory authorities, Zhao issued a letter outlining the exchange’s plans to protect customers and ensure compliance.

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