Binance, a Singapore-based global cryptocurrency exchange, announced on Friday that users in Hong Kong will not be able to open new derivative accounts with immediate effect.
Binance stated that Binance users who have opened accounts will be given a 90-day grace period to process existing derivatives product accounts in order to close their open positions, and Hong Kong clients who have held relevant positions will not be allowed to open new positions .
In order to ensure compliance with local regulatory authorities, Binance users in Hong Kong will restrict the use of derivative products (including all futures, options, margin products and leveraged tokens).
It was also said to become the first major cryptocurrency and digital asset exchange, actively preventing Hong Kong users from using derivative products.
This is the latest set of moves by Binance to step up its compliance efforts to allay global regulators’ concerns about local requirements.
Apart from Hong Kong, Binance no longer exists provided crypto-based futures and derivatives in the three European countries Netherlands, Italy and Germany, according to the official announcement on July 30th.
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