Australia: Binance will close access to crypto derivatives tradingBitcoin exchange Binance officially announced that by December 23, 2021 at the latest, it will roll back the ability to trade crypto derivatives for users from Australia. Curiously, Binance has never had the rights to provide crypto derivatives in Australia, these financial instruments were provided bypassing financial regulators and directly with the exchange of both users and the Australian authorities:
As Binance continually evaluates its product and service offerings for compliance with local regulations, we are ceasing to offer the following products to existing Australian users:
- Leveraged Tokens
Effective 2021-09-24 09:00 (UTC), existing Australian users will have 90 days to reduce and close their positions in these products.
Users will be able to top up their margin balance 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 11:59 p.m. on December 23, 2021 (UTC). After that, all remaining open positions will be closed.
Our goal is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes regulatory changes in our industry as they provide opportunities for market participants to work more closely with regulators. We are committed to working constructively to develop policies that benefit every user.
In Australia, Binance Casino has been in violation of financial laws for a long time, defrauding financial regulators and users in Australia happens on a regular basis. The Australian regulator has warned investors against working with unlicensed exchanges/firms this list includes Binance, which is unregulated in the Australian market. Binance users from Australia are considering a class action lawsuit due to Binance's failures and have joined the general class action lawsuit from Liti Capital.
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