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.
MAJOR CRYPTOCURRENCY EXCHANGE BINANCE SAYS IT WILL WIND DOWN ITS FUTURES AND DERIVATIVES PRODUCTS OFFERINGS ACROSS EUROPE— *Walter Bloomberg (@DeItaone) July 30, 2021
BINANCE SAYS ITS USERS IN GERMANY, ITALY AND THE NETHERLANDS WILL, WITH IMMEDIATE EFFECT, NOT BE ABLE TO OPEN NEW FUTURES OR DERIVATIVES PRODUCTS ACCOUNTS
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.
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.