Binance is making efforts to ensure compliance with regulations across various international jurisdictions. In their latest announcement, the world’s largest cryptocurrency exchange by market cap has confirmed that they will be suspending future and options crypto trading on their platform for Australian users.
While the service is now limited for new users on the platform, existing users will have 90 days to close their positions for futures, options and leveraged tokens. The restriction on trading options in Australia comes after Binance faced heat from regulatory authorities.
The new restrictions will come into effect from Friday. The announcement from Binance also confirms that existing users will be able to add funds to their margin balances.
In a statement to Cointelegraph, a Binance representative said: “We are committed to our industry for the long term and we want to ensure our product offerings are welcomed by users and local regulators.”
“We also monitor local regulatory requirements across different markets as Binance operates globally. We want to ensure the process for any transition we make is not disruptive,” they added.
In recent months, Binance has been in hot waters with several regulatory authorities from across the globe. The cryptocurrency exchange has been limiting the number of services to comply with regulations. Binance CEO has been actively responding to the situation and they have taken every step to ensure compliance.