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.
We’re continually evaluating our products and working with our partners to meet our users’ needs.
Today we’re announcing that we plan to wind down our derivatives products offerings across the European region, commencing with the Netherlands, Germany, and Italy.
— Binance (@binance) July 30, 2021
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.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.