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The crypto exchange Binance ceases trading in derivatives in Australia

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Amid a worldwide regulatory review, the global cryptocurrency exchange Binance has announced that it will stop offering leveraged futures, options and tokens to Australian users in 90 days.

Upcoming changes to Binance Australia The cryptocurrency exchange Binance announced some changes to its offerings in Australia on Tuesday.

The exchange will no longer offer leveraged futures, options and tokens to existing Australian users. Binance explains: Starting September 24, 2021 at 9:00 a.m. (UTC), existing Australian users have 90 days to reduce and close their positions on these products.

“Users will be able to top up margin balances to avoid margin calls and settlements, but they will not be able to add or open new positions,” added Binance. “Users cannot manually reduce or close their positions after 11:59 pm on December 23, 2021. (UTC). After that, all remaining open positions will be closed.

Binance Australia has seen some changes lately. On August 30, the company announced that former Digitalx CEO Leigh Travers has joined Binance Australia as CEO. Digitalx is an ASX-listed blockchain technology company.

Meanwhile, the exchange has been closely watched by regulators around the world, including the UK, the Netherlands, Singapore, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. Last week, reports indicated that US authorities were investigating Binance for possible market manipulation and insider trading.

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