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Binance to Close Futures and Options Trading for Australian Users

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Tue, 09/21/2021 - 03:58
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Alex Dovbnya
Binance will discontinue derivatives trading in Australia amid regulatory pressure
Binance to Close Futures and Options Trading for Australian Users
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Binance, the leading crypto exchange by trading volumes, has announced that it will no longer offer futures and options trading in Australia.

On top of that, the company will also remove support for leveraged tokens, a derivative product that allows users to gain leveraged exposure to cryptocurrencies without risking liquidation.

Starting from Sept. 24, its Aussie customers will have 90 days to exit their positions.

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As reported by U.Today, Binance also recently moved to discontinue trading for the Singapore dollar and the Norwegian krone.

In late July, Binance Futures reduced the maximum from 101x to 20x in response to the regulatory onslaught around the world.

The exchange also moved to introduce mandatory KYC checks for all users in order to strengthen compliance.

Binance is currently facing an insider-trading investigation in the U.S., according to a recent Bloomberg report.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.