Binance to discontinue derivatives in Australia

Binance has decided to suspend its derivatives offerings in Australia, a process which will complete by the end of 2021.

All existing customers who participate in such crypto mechanisms will have the next 90 days to divest and close their options, futures or leveraged tokens.

Binance has set December 23 as the cut-off date, after which users will not be able to take action on their derivatives portfolio, and any remaining positions will be closed.

A Coindesk spokesperson said: “We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements.”

Binance faces broader regulatory scrutiny which has put the crypto exchange at odds with global regulatory authorities around the world.

Australia is one of the latest to take action against the exchange, arguing that crypto derivatives are not authorised under the country's law.

In a similar move, Binance decided to suspend crypto margin trading tied to the euro, Australian dollar and sterling earlier this year. Binance still maintains that its subsidiaries and the central exchange are not connected.

For example, Binance Australia is registered with AUSTRAC, the country's financial regulator, and is licensed as a digital currency exchange provider.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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