Binance to shut down crypto derivatives trading in Europe


Troubled global cryptocurrency exchange Binance continues moving fast in curbing services to respond to the ongoing regulatory scrutiny worldwide, partly shutting down derivatives trading.

Binance officially announced Friday that it would suspend its derivatives trading across the European region, starting with Germany, Italy and the Netherlands. The company clarified that users in mentioned countries cannot open new futures accounts on Binance effective immediately.

Binance added that the exchange doesn’t actively market futures and derivatives products locally, and it plans further to scale down access to these products in the region. “The European region is a very important market for Binance, and it is taking proactive steps towards harmonizing crypto regulations, which is a positive sign for the industry,” Binance wrote.

The exchange noted that the latest move comes in line with Binance’s commitment to engage in a constructive dialogue with global regulators regarding local requirements.

This story is developing and will be updated.

Products You May Like

Articles You May Like

Alt winds of change? What an altcoin season would mean for crypto
Three reasons why the price of Elrond (EGLD) is hitting new daily highs
Gala Games (GALA) rallies 265% shortly after Binance listing announcement
SEC takes action against Chinese billionaire’s companies over $500M offerings
NYAG shuts down Coinseed for converting customer funds into DOGE without consent

Leave a Reply

Your email address will not be published. Required fields are marked *