The crypto exchange Binance announced the termination of its major crypto derivatives offerings in South Africa earlier today. The world's leading crypto exchange states that certain products and services in South Africa will be discontinued following compliance with government-set legal standards.Crypto derivatives services terminated immediately include futures, Options, Margin trading, and leverage.
Binance gives a 90 -day dive period to close their trading positions and they cannot start new trades.
The announcement mentioned that ‘consumers have 90 days to reduce and close their trades for those products and services. Users will not be able to increase and decrease trades after January 6, 2022. After that all trades will be deleted.
This announcement is the fourth announcement made by a crypto exchange related to the offering of crypto derivatives worldwide. Binance took first action in Europe then followed by Australia, Hong Kong, and now South Africa.
Binance is currently planning to open a headquarters as a measure to comply with the rules set by the authorities. Recently, exchange CEO Changpeng Zhao revealed that Ireland could also be the capital of Binance. The speculation has intensified after Binance registered three companies in the country recently.
Binance had the goal of making them completely independent hence originally Binance did not have a physical central capital. However, pressure from the authorities required a physical headquarters.
