Binance Australia forcibly closed the trading accounts – Bits Media

Binance Australia announced the closure of accounts for trading derivatives, which do not meet the requirements of Australian legislation, presented to wholesale investors.

Binance Australia announced unilateral closure of accounts for trading derivatives, whose owners were erroneously classified as wholesale. According to the exchange administration, This step was taken after that, as an internal investigation showed: Data users do not meet the criteria of Australian legislation.

“Binance Australia allows the trade in similar cryptocurrency derivatives only wholesale investors, Not allowing retail to trade in futures and derivatives on their platform. This condition is tightly controlled by the exchange to comply with local laws and rules. After the internal audit, all positions of these accounts were forcibly closed, And owners are limited to access to the derivatives market for Binance ", - said the representative of Binance Australia in the comments for the media.

Since the actions of Binance Australia against these customers were forced in nature, The exchange administration said, that I intend to contact the injured users and, if necessary, consider the possibility of compensation for the incurred losses.

Earlier, the Binance exchange said
on changing the position in relation to the investigation of its activities, started by regulators and law enforcement agencies, and readiness to resolve all financial claims.