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Binance to Stop Offering Crypto Futures and Derivatives In European Countries

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Fri, 07/30/2021 - 09:26
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Yuri Molchan
Binance exchange plans to stop providing crypto-based futures and derivatives trading for all of its European customers
Binance to Stop Offering Crypto Futures and Derivatives In European Countries
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According to data from the Bloomberg Terminal, Binance Holdings will no longer be providing services on trading crypto futures contracts and derivatives in Europe.

As for users in Germany, Italy and the Netherlands, they will be prevented from opening new accounts for crypto futures and derivatives products immediately.

At the moment, Binance is seeking to pass additional regulatory probes and checks to become a full-scale official financial institution. CEO Changpeng Zhao (CZ) is even ready to step down from his high-ranking position if his company manages to find a better candidate with regulatory experience.

Related
Binance Probed by Indian Authorities Regarding Money Laundering via Betting Apps

Overall, the largest exchange has been in hot water with regulators globally as of late. Its operations have been banned by banks and regulators in a series of countries, including the U.K., Italy and Hong Kong, and its WazirX exchange is under a criminal investigation in India on allegations of allowing money laundering activities.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.