Binance Cryptocurrency Exchange to Stop Hong Kong Users From Trading Derivatives

Binance’s Hong Kong users will have to close their existing positions from a date to be announced.

Binance Cryptocurrency Exchange to Stop Hong Kong Users From Trading Derivatives

Binance aims to improve compliance standards by restricting Hong Kong users

Highlights
  • Binance users from Hong Kong cannot open derivatives products accounts
  • Binance has been under pressure from regional regulators in recent months
  • Binance said last month it would wind down business in select regions

Binance, one of the world's largest cryptocurrency exchanges, said on Friday it would restrict Hong Kong users from trading derivative products, the latest in a series of changes the exchange has made to improve compliance standards.

Users will not be able to open new derivatives products accounts with immediate effect, and Hong Kong users will have to close their existing positions from a date to be announced, the statement said, adding this was "in-line with our commitment to compliance"

Regulators in Hong Kong as well as in Britain, Germany, Japan and Italy have been ratcheted up pressure on Binance in recent month, worried about consumer protection and the standard of anti-money laundering checks at cryptocurrency exchanges generally.

Last month, the exchange's CEO, Zhao Changpeng, said he wanted to improve relations with regulators and that Binance would seek to establish regional headquarters, breaking with its decentralised structure.

Binance also said last month it would wind down its futures and derivatives business in Germany, Italy and the Netherlands.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Cryptocurrency, Binance
Huawei Reports Biggest Ever Revenue Drop Due to US Sanctions Forcing It to Sell Part of Handset Business

Related Stories

Share on Facebook Tweet Snapchat Share Reddit Comment
© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
cryptocurrency
Listen to the latest songs, only on JioSaavn.com