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Binance restricts crypto derivatives offering in Australia



Binance has announced it is restricting Australian clients from opening new accounts for options, margin products, and leveraged tokens. The crypto exchange recently restricted derivatives offering in other countries as well.

These new rules follow the resent restrictions Binance implemented from Australian clients opening new futures accounts.

Binance explained:

Binance constantly evaluates its product and service offerings. Binance will be one of the first major cryptocurrency and digital assets exchanges to proactively restrict access to derivatives products to Australian users, in-line with our commitment to compliance and our plans to become a regulated financial institution.

Binance

Binance has faced an intense scrutiny and regulatory backlash recently. In June, the FCA banned Binance from undertaking any regulated activity in the UK, following a warning placed by the Japanese regulator, the FSA.

However, this did not happen in Australia. The move follows the recent warning the Australian regulator issued against trading crypto through unlicensed entities.

Binance added:

Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run.

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Binance restricts crypto derivatives offering in Australia

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