Major Cryptocurrency exchange Binance to close futures and derivative offerings in Europe

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Major cryptocurrency exchange Binance said on Friday it would wind down its futures and derivatives products offering across Europe, a move that comes after unprecedented pressure from regulators.

Binance users in Germany, Italy, and the Netherlands will, with immediate effect, not be able to open new futures or derivatives products accounts, the exchange said in a statement on its website.

Major Cryptocurrency exchange Binance to close futures and derivative offerings in Europe

Users from these countries will, from a date to be announced later, have 90 days to close their open positions, Binance said.

The exchange had said earlier this month it stopped selling digital tokens linked to shares after regulators cracked down on the cryptocurrency exchange platform’s “stock tokens” offerings.

From Aug 10, Binance will suspend margin borrowing for bitcoin, ether, and other large cryptocurrencies and their Australian dollar, euro, and sterling pairs, the company said in a statement. The platform will cancel all pending orders, automatically settle any open trade, and delish the pairs on Aug 12.

Bitcoin and other cryptocurrencies have surged in popularity among retail investors during the global pandemic, prompting regulators to put trading are unregulated.

Bitcoin and other cryptocurrencies have surged in popularity among retail investors during the global pandemic, prompting regulators to put trading platforms under increased scrutiny despite the fact that most cryptocurrency trading is unregulated.

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