After Europa, brokerage Binance suspends crypto derivatives offer in Hong Kong – Money Times

Binance
With new actions by government regulators around the world, the crypto brokerage is gradually reducing its operating locations (Image: Binance/Blog)

the crypto broker Binance announced, this friday (6), which will no longer offer futures trading and options of bitcoin (BTC) for Hong Kong users.

With immediate application, new Hong Kong users will no longer be able to open Binance accounts to trade crypto derivatives.

As for existing users, Binance said it will announce a date in the future and, from the set day, users in the Chinese administrative region will have 90 days to close their open positions.

“Binance will be the first major brokerage for cryptocurrencies and digital assets to proactively restrict access to derivatives products for Hong Kong users,” the brokerage said.

The decision came a week after Binance suspended its offer for derivatives trading in three European countries: Germany, Italy and the Netherlands.

At that time, crypto brokerage said it would gradually suspend its offer to trade derivatives in Europe.

Recently, Binance also suspended, globally, the trading offer of its stock tokens amid the investigation of regulators around the world.

Government agencies in U.S, UK, Hong Kong, Italy, Japan, Thailand, Poland, Cayman Islands and Malaysia have recently issued warnings or taken action against the broker.

Binance has recently stated that it is committed to compliance measures. The CEO of the company, Changpeng Zhao (CZ), acknowledged that the crypto space is now “heavily regulated” and said Binance will have to make “a big leap from a tech startup to a financial services company.”

In fact, Binance is looking to establish physical headquarters in multiple jurisdictions, Zhao said. So far, the crypto brokerage said it has been operating in a “decentralized” manner. Zhao is also open to the idea of ​​Binance having a new CEO with a “very strong regulatory record”.

Did you like this news? Download our app to read, in just one click, this and more than 150 articles daily.