Binance Stops Derivatives Offerings in Germany, Italy and the Netherlands

Major Cryptocurrency exchange Binance has announced that it would wind down its futures and derivatives products among European countries. The exchange has already stopped derivatives product offerings in three countries: Germany, Italy and the Netherlands.

The Binance users in these 3 countries, with immediate effect, not be able to open new futures or derivatives products account, the exchange stated in the official notice.

For the already opened positions, Binance will announce a future closure date, marking an altogether exit from the crypto derivatives market in the three European countries.

“With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions,” the exchange stated in the official notice.

The move comes amid growing pressure on Binance from financial authorities across the world, including Britain, Germany, Hong Kong and Italy.