The world’s leading cryptocurrency exchange is continuing to tailor its product suite to customer protection regulations.
According to a recent announcement, users from Hong Kong “will not be able to open new derivatives product accounts” with immediate effect.
Furthermore, “with effect from a date to be announced in a later notice,” remaining Hong Kong users will have 90 days to close their currently open positions.
Furthermore, no new positions will be permitted during the 90-day period.
The announcement goes on to say:
Binance, as the market leader, constantly assesses its product and service offerings. In accordance with our commitment to compliance, we will restrict Hong Kong users’ access to derivatives products (including all futures, options, margin products, and leveraged tokens).
The conversation made it clear that it will work proactively rather than reactively to comply with regulations all over the world.
This comes less than a week after Binance suspended its derivatives products for users in Italy, Germany, and the Netherlands.
According to what was reported at the time, the reasons for the move were similar, as were the circumstances surrounding it.