Binance with some new dcisions
Changpeng Zhao, head of Binance exchange, alias CZ, tweeted that Binance will right now end opening new crypto derivatives trading debts for new customers in Hong Kong.
Binance will additionally avoid access to buying and selling cryptocurrency futures and other derivatives to current account holders.
According to an article on Binance's blog, present users in Hong Kong have three months (90 days) to shut their positions on cryptocurrency futures, selections and tokens traded on the leverage and margin merchandise supplied by means of the platform.
Binance will be the first fundamental crypto platform to minimize access to crypto derivatives trading in Hong Kong.
Why did Binance make this decision?
The action taken by means of Binance is included in its cutting-edge coverage thru which it wants full and strong compliance with guidelines and laws.
The Hong Kong regulator, the nearby Securities and Futures Commission, announced that Binance Group does now not have a license to habits any regulated recreation in Hong Kong.
Earlier, as we noted in Bitcoin, Binance will shut down get admission to to digital derivatives trading in European nations such as Germany, Italy and the Netherlands, for the equal regulatory reasons.