Binance set to end Crypto Derivatives products in Australia by 23rd December

[Bitcoin_Arena]

In a new development, Binance will be ending its derivatives offerings to Australian crypto traders by Dec. 23 this year, according to the announcement on their site.

So if you are an Australian crypto derivatives trader on binance. Now is the time to reduce position, close positions and look for an alternative crypto derivatives exchange that welcomes Australian traders.

As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users:

- Futures
- Options
- Leveraged Tokens

Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.

Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.

[1714916378]

1714916378

[1714916378]

1714916378

[noormcs5]

In a new development, Binance will be ending its derivatives offerings to Australian crypto traders by Dec. 23 this year, according to the announcement on their site.

So if you are an Australian crypto derivatives trader on binance. Now is the time to reduce position, close positions and look for an alternative crypto derivatives exchange that welcomes Australian traders.

As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users:

- Futures
- Options
- Leveraged Tokens

Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.

Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.

It look like binance is squeezing's its operations slowly and steadily.
They might be facing severe regulation pressure from different countries and regulating authorities. I wonder will this impact on the bnb price ?

[BitMaxz]

I wonder will this impact on the bnb price ?

Maybe, but why only BNB? future trading on Binance has many pairs like Bitcoin, ETH, LTC, and other token and coins so I think it won't give much impact on BNB.

Because only 3 features are gone under "future" trade so they can still trade on other services like spot and P2P market.

[cafucafucafu]

I suspect that Binance is probably going to back out of the derivatives business altogether soon.

After the debacle with their variable leverage products, I think that they've called it quits and realized that leveraged tokens is always going to be hard to do.

Plus, regulators certainly would give more attention to any derivatives that offers high leverage - and they've had enough of that already.

[Bitcoin_Arena]

I wonder will this impact on the bnb price ?

The impact on BNB would be massive if Binance as an exchange was to shut down, but right now. It will be just fine.

I suspect that Binance is probably going to back out of the derivatives business altogether soon.

Only from Countries whose regulators gave them headache for now. Do you think they will pull out such products from Countries whose regulators don't care, like Panama or Venezuela? 

Binance has been developing in the opposite direction throughout the year. How many of these prohibitions and restrictions for different countries and jurisdictions have there been? Interestingly, most of these prohibitions happened in the same time period. And before that, everything was fine with everyone? Or just didn't want to notice?

It's the bull run. Such noise usually comes out at such a period

And I keep noticing this correlation between FTX and Binance (although it may seem far-fetched to some). While all guns are being fired at Binance, at the same time FTX is reporting another collaboration and the opening of platforms for different countries.

Keep an eye on Bybit too... they have been in a rush to list spot markets and other products such as yield farming, launchpad etc. Perhaps in preparation for the backlash from regulators due to derivative products.

[hugeblack]

It is the beginning of the end of any activity against the regulators that Binance did throughout the world.
I think that Binance is beginning to understand that it must comply with all the regulatory restrictions that the government provides.

The question is the time given to traders is very enough. 90 days is too much. The bad point is that it is not possible to open new positions, which means that the previous data may be exchanged with Australia government.

Restrictions will increase and we will see that the withdrawal volume of 50,000 will start decreasing as the user requests more data, proof of source of funds and other money laundering regulations.