- Binance set to halt crypto futures and options following regulations in Australia.
- Existing Binance users have 90 days to close their options and leveraged tokens.
- Australian users can no longer manually reduce or close their positions on Binance.
World leaders are moving in full swing to regulate crypto in their countries. Australia has joined the league of countries to make some crypto adjustments. Following the latest update on the country’s regulation, Binance has made a call to its Australian users.
Binance has disclosed that its present users in Australia have 90 days to reduce and close their positions for products. In detail, Australian users will soon be unable to manually reduce their positions. Moreso, all remaining open positions will be closed.
Though Binance will not permit users to increase or open new positions, they can fill up margin balances to prevent liquidation and margin calls. At the moment, the exchange will stop its offerings on September 24. Luckily, a grace period of December 23 has been set as the deadline for their Australian traders.
Going back, Binance had made some changes in the past due to some countries’ regulations. In August, the exchange ended crypto derivatives trading in Brazil. In the same vein, the world-leading exchange also applied similar suspensions on Hong Kong. Notably, Binance also ceased derivatives trading for its Italian, Germain, and Dutch users following its plan to end these services across Europe.
To conclude, the crackdowns on crypto by the SEC, the government, and cohorts are just starting. Crypto regulation will continue to be a topic of discussion for a long time. Though the regulation may be needed to ensure more transparency for its users, exchanges are having a hard time trying to align their product services per each country’s local crypto law.