Cryptocurrency exchange Binance today announced more changes to its offering in Australia. The company will cease offering futures, options, and leveraged tokens to existing Australian users.
Effective from September 24, 2021, 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 December 23, 2021, Thereafter all remaining open positions will be closed.
About a month ago, Binance announced that users from Australia were restricted from opening new accounts for options, margin products, and leveraged tokens. This is an expansion of existing restrictions since users from Australia have already been restricted from opening new futures accounts.
The restrictions are implemented as Binance experiences a wave of regulatory actions against it. In July, for instance, Malaysia’s Securities Commission announced enforcement actions against Binance for illegally operating a Digital Asset Exchange. Hong Kong’s Securities and Futures Commission (SFC) has also cautioned against the cryptocurrency firm.
Let’s recall that, in June 2021, the UK Financial Conduct Authority (FCA) announced the imposition of requirements on Binance Markets Limited. The entity is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.