Binance Ceases Derivatives Trading Services in Hong Kong

Binance, a leading Blockchain ecosystem and digital asset exchange, announced on Friday that it is restricting its derivatives products offerings to users based in Hong Kong, effective immediately.

According to the official press release, the crypto exchange said that users from Hong Kong will not be able to open new derivatives products accounts. Also, with effect from a date to be announced in a later notice, users from Hong Kong will have a 90 days grace period to close their open positions.

“During the grace period, no new positions may be opened. As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in line with our commitment to compliance," added Binance.

As Fazzaco reported yesterday, the CEO of Binance.US, Brian Brooks, announced Friday on Twitter that he has resigned from Binance​.