Leading crypto exchange company, Binance is back to continue their drastic move towards the services offered as an initiative to meet customer protection regulations.
In the latest announcement, Binance revealed that they will impose bans and restrictions on consumers from Hong Kong from opening new derivative product accounts.
This ban will be effective from a date to be announced later by Binance. With this, Hong Kong users only have 90 days to trade, after which time everything will be stopped immediately. During that period, the opening of new accounts is also not allowed.
In a statement, Binance said, “as a market leader, Binance is constantly evaluating its product and service offerings. As such, Binance has unanimously decided to restrict Hong Kong consumers from engaging in the purchase of derivatives (including all futures, options, margin products, and leverage). This is part of Binance's commitment to meet the rules set by the government ”.
The exchange made it clear that it would take a proactive rather than reactive stance to comply with rules around the world. The announcement comes after Binance discontinued derivatives services for consumers in Italy, Germany, and the Netherlands.
