Binance to Stop Offering Four Accounts to Clients in South Africa

Cryptocurrency exchange Binance has informed its clients of stopping offering futures, options, margins and leveraged tokens in South Africa.

According to Binance, the step has been taken to evaluate its product and service offerings to comply with local regulations. With immediate effect, South African users will be restricted from opening new accounts for these products.

Users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.

Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.

"Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user," the crypto exchange said.

As Fazzaco reported earlier, Binance will cease fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap in Singapore​ from October 26, 2021.