Today Binance terminates derivatives trading in Italy

[DavideBaldini]

Today Binance terminates all derivative trading for existing Italian users. Newly-registered users were already forbidden from derivatives since last summer.

The email I received follows.

Closure of your derivatives positions by 21st February 2022

Dear Binancian,

We previously announced that we will restrict derivatives offerings for existing users from Italy.
Effective immediately, you will have 30 days to reduce and close any existing positions you may have in the following products:

• Futures
• Options
• Margin (please refer to this FAQ on how to close margin positions)
• Leveraged Tokens

You will be able to top-up your margin balance to prevent margin calls and liquidations, but you will not be able to increase your positions or open new ones.
Please monitor any open positions you have and close them before [21st February 2022, 11:59 PM UTC]. Thereafter you will no longer be able to manually close the positions and Binance will close any remaining open positions.

Users Residing Outside Italy

The current restrictions in this notice apply to existing users from Italy. If you reside in a non-restricted region, please first submit your Proof-of-Address document to complete [Verified Plus] verification, and then contact our Customer Support Team to ensure you can continue to access our products. Acceptable documents include bank statements and utility bills. Our Verification FAQ can guide you on how to submit your documents.  

We aim to make this transition as straight-forward as possible. Should you have any questions, please feel free to reach out to our Customer Support Team for assistance.

Thank you,

Binance

[noorman0]

Didn't Binance indeed get a warning about the ban on operating in Italy last July? I think this is a follow-up to that warning in an attempt to completely halt the activity of current binance users which may be the effective date of the ban.

Luckily Binance is very cooperative giving users the opportunity to withdraw their funds on a regular basis.

[logfiles]

Luckily Binance is very cooperative giving users the opportunity to withdraw their funds on a regular basis.

It is what all service that are trying to follow the “regulations” should do or have been doing. Otherwise, it makes no sense hijacking user funds in the name of trying to satisfy what the Regulators dictate.

[batang_bitcoin]

Luckily Binance is very cooperative giving users the opportunity to withdraw their funds on a regular basis.

They should do that as it's not their funds but their customers. Every time they announce closure of service to a specific region or country, they're allowing everyone to withdraw or at least leave them with that only feature. I remember the same thing for Singaporean users that eventually made them their own domain and later on, they've closed that domain and operations due to some regulations that probably they didn't agree with and forced them to stop their operations there.