The world’s leading cryptocurrency exchange continues to tailor its product suite in a way that caters to customer protection regulations.
- In a recent announcement, the exchange revealed that users from Hong Kong “will not be able to open new derivatives products accounts,” with immediate effect.
- Moreover, “with effect from a date to be announced in a later notice,” remaining Hong Kong users will have a 90 days grace period to effectively close their currently opened positions.
- Moreover, during this 90 days period, no new positions will be allowed.
- The announcement further reads that:
As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Hong Kong users in respect of derivatives procuts (including all futures, options, margin products, and leveraged tokens) in-line with our commitment to compliance.
- The exchange made it clear that it will work proactively instead of reactively to comply with regulations across the world.
- This comes a week after Binance halted its derivatives products for users in Italy, Germany, and the Netherlands.
- As reported back then, the considerations for the move were more or like the same, as well as the conditions under which it took place.