With regulatory pressure piling up, Binance is reportedly planning to close derivative trading for Australian users.
By trading volume, the world’s largest crypto exchange platform has declared that futures and options trading will be discontinued in Australia, where Australian users will have 90 days come September 24 to exit.
Furthermore, the company will discontinue support for leveraged tokens, a derivative product that allows customers to avoid liquidation risk and get leveraged exposure to cryptocurrencies.
Binance has made quite a few moves as it is scrutinized by regulatory institutions around the world. One of the latest actions of Binance was to stop trading the Norwegian Krone and Singapore Dollar.
Binance also lessened the maximum to 20x from 101x as a response to the ever-growing regulatory pressure.
KYC checks were also a response of Binance so that compliance would be fortified.
As Crypto Academy reported last week, Binance is currently under investigation for potential market manipulation and insider trading by the United States.
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