Binance exits futures and derivatives trading in Europe

Binance exits futures and derivatives trading in Europe
фото показано с : invezz.com

2021-7-31 15:03

Top crypto exchange Binance is ceasing to offer futures and derivatives products in Europe against the backdrop of regulation issues. Users in Germany, Italy, and the Netherlands will be affected immediately. On its website, the exchange states: “With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.”

The Cayman Islands-registered exchange adds:

“As the crypto ecosystem evolves globally, we are continually evaluating our products and working with our partners to meet our users’ needs.”

On Twitter, the company assured Europe was a very important market and that they were taking steps towards harmonizing regulations. As watchdogs worldwide crack down on cryptocurrencies and the platforms transacting them, Binance is facing more and more pressure, Yahoo Finance wrote. Its decision has all the makings of a preemptive move, an effort to stay ahead of developments.

Regulatory clampdown

The UK’s Financial Conduct Authority recently ordered the exchange to remove all advertising and financial promotions. More specifically, they were required to make it clear they were not allowed to operate in the UK anymore. Similarly, Malaysia’s Securities Commission ordered the exchange to disable its mobile apps and site in the country within two weeks with the argument that they were “illegally operating a digital asset exchange”. Allegedly, they continued to operate despite having been included in the commission’s Investor Alert List a year ago. German, Hong Kong, and Italian regulators, increasingly worried about consumer protection and money laundering, have also been pressuring Binance in recent weeks, Reuters reports.  

Hedging against risk

Binance is the crypto exchange with the highest trading volume in the world, followed by Huobi Global and Coinbase. Kraken and FTX round out the top five. Each exchange has daily turnover of billions of dollars. On its website, Binance warns that futures trading carries substantial risk and the exchange is not liable for any loss that might arise from use of futures. 

The post Binance exits futures and derivatives trading in Europe appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Filecoin [Futures] (FIL) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $5.1636
Капитализация $0 Rank 99999
Цена в час новости $ 52.51 (-100%)

europe derivatives binance futures users regulation germany

europe derivatives → Результатов: 12


“Regulatory Compliance Is A Must, Not A Decision,” says Binance CEO As Malaysia, India, And Europe Strike Yet Again

Malaysia’s SC has taken enforcement action against Binance, giving it 14 days to completely close its business while India’s AML agency is investigating the exchange’s role in betting apps. In Europe, Binance is winding down its futures and derivatives products offerings, starting with Germany, Italy, and the Netherlands.

2021-7-31 17:52


As Binance faces more regulatory backlash, Indian authorities may be the latest to initiate probe

Prominent cryptocurrency exchange, Binance has announced the discontinuation its futures and derivatives services across Europe. Binance announced this on Twitter through a series of tweets, which notThe post As Binance faces more regulatory backlash, Indian authorities may be the latest to initiate probe appeared first on AMBCrypto.

2021-7-30 15:30


Binance faces more regulatory backlash; Indian authorities reportedly latest to initiate probe

Prominent cryptocurrency exchange, Binance has announced the discontinuation its futures and derivatives services across Europe. Binance announced this on Twitter through a series of tweets, which notThe post Binance faces more regulatory backlash; Indian authorities reportedly latest to initiate probe appeared first on AMBCrypto.

2021-7-30 15:30


Kraken Acquires Crypto Derivatives Platform, Crypto Facilities, in a 9 Figure Deal

In one of the most strategic moves of 2019, the exchange known as Kraken has acquired the U.K based Crypto Facilities crypto trading platform and index provider. Kraken, based in San Francisco, combined with the reach Crypto Facililities has in Europe, creates a combination that will create a global leader in cryptocurrency spot and futures […] The post Kraken Acquires Crypto Derivatives Platform, Crypto Facilities, in a 9 Figure Deal appeared first on Ethereum World News.

2019-2-5 21:17


Secret Trees ICO

Secret Trees is an environmentally-conscious agricultural company and next generation technology services provider. Founded in 2018, Secret Trees aims to contribute to a sustainable global agro-economy through the industrial and commercial development of the growing demand for the agricultural crop Hemp.

2018-11-30 14:03