Binance Winds Down Derivatives Offerings in Australia

Binance, a leading Blockchain ecosystem and digital asset exchange, announced on Thursday that users based in Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens, effective immediately.

The latest move is an expansion of Binance’s existing restriction on Australian users from opening new futures accounts. It also stopped offering crypto margin trading with the Australian dollar, along with pound sterling and euro.

Wanna be the Next Cover Person of Fazzaco Magazine?​

“Binance constantly evaluates its product and service offerings,” the exchange stated in the announcement. “Binance will be one of the first major cryptocurrency and digital assets exchanges to proactively restrict access to derivatives products to Australian users, in-line with our commitment to compliance and our plans to become a regulated financial institution.”

As Fazzaco reported earlier, Binance has stopped offering services in Hong Kong, Malaysia and South Korea.