Binance Closes Cryptocurrency Derivatives Trading In EU Countries – Bits Media

Binance Cryptocurrency Exchange To Stop Trading Cryptocurrency Derivatives In Europe, starting with Germany, Italy and the Netherlands. The Malaysian regulator demanded, for the exchange to close all operations in the country.

According to
Binance statement, published on the exchange website, Users from these European countries should during 90 Days to close positions on cryptocurrency futures. For new users from these countries, the ban comes into force immediately - traders will not be able to open new accounts for derivative financial instruments based on cryptocurrencies.

Binance
Writes on Twitter, that the exchange is not engaged in the active promotion of futures and derivatives in the European Union, Therefore, in the future it plans to reduce access to these products.

These restrictions followed against the background of strong pressure on the exchange from international regulators, including from Germany and Italy. In mid -July, the commission on companies and exchanges in Italy (Consob) stated, that the Binance Group and its affiliated companies do not have the right to work in the country and provide it to citizens of services, associated with investments. Over the past months, such warnings have been published by financial regulators of several other countries, Including the Office for Financial Supervision of Great Britain (FCA).

Binance noted, that Europe is a very important market for the strategic development of the exchange, Therefore, the trading platform is taking active measures to “harmonize” the rules of cryptocurrency regulation. Despite a difficult relationship with regulators, The leadership of the exchange considers, that their attention to cryptocurrencies can be regarded as a positive sign for the entire industry. Binance once again expressed the readiness to conduct a constructive dialogue with regulatory authorities, to ensure compliance with their requirements.

Besides, Today the Malaysian Securities Commission (SCM)
Published a statement, in which Binance called on to stop all operations in the country. The exchange and its accountable companies should close access to their sites and applications for Malaysia citizens and stop providing them with any services. The order of the department concerns the British company Binance Digital Limited, Lithuanian Binance UAB and Binance Asia Services PTE Ltd, registered in Singapore.

Binance is obliged to execute the order of the department during 14 working days after July 26 2021 of the year. Besides, SCM called on citizens to refrain from trading on cryptocurrency exchanges, workers in the country is illegal.