Binance Customers in Australia Will No Longer Open New Positions

Binance Customers in Australia Will No Longer Open New Positions
  • Binance continues to limit its services in Australia.. 
  • Despite the ongoing global regulatory scrutiny, delivering new trading restrictions.

The world’s largest digital asset exchange Binance continues to limit its services. This happens despite the ongoing regulatory scrutiny around the world. Also, due to delivering new trading restrictions in Australia.

Existing Australian Binance customers will have 90 days to reduce and close their positions for futures, options, and leveraged tokens, as per Binance announcement.

Starting from Friday, Australian customers will not be able to raise or open derivatives products on Binance. customers can yet top-up their margin balances in order to prevent liquidations and margin calls, according to the announcement.

From December 23, 2021, Binance customers in Australia will not be able to reduce or close their positions manually as all the balance open positions would be closed. 

This latest trading suspension of Binance in Australia is followed by many similar restrictions in other countries as well. In August, Binance reportedly stopped crypto derivatives trading in Brazil. This is followed by similar suspensions on its Hong Kong operations. 

Furthermore, Binance also suspended derivatives trading for customers in Germany, Italy and the Netherlands. Hence, as a result of its huge plans to cease the products across Europe. 

Overview of Binance

Moreover, Binance is a Hong Kong-related digital asset exchange. The platform was launched by developer Changpeng Zhao also known as CZ in July 2017. In addition, Binance is considered a safe digital asset. The exchange enables user account protection through the use of Two Factor Authentication (2FA).

Recently, the exchange announced ‘Binance Awards 2021’. In honor of the exchange’s 300+ Angels from over 70 countries, Binance gave away a total of 13 awards, for the best performing Angel from each category.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.