Binance to wind down derivatives trading in three European countries

Bitcoin exchange Binance announced plans to wind down derivatives trading in Europe, starting with Germany, Italy and the Netherlands.

We’re continually evaluating our products and working with our partners to meet our users’ needs.

Today we’re announcing that we plan to wind down our derivatives products offerings across the European region, commencing with the Netherlands, Germany, and Italy.

— Binance (@binance) July 30, 2021

With immediate effect, users in these countries will not be able to open new futures or derivative-product accounts. From a later date to be announced, users will have 90 days to close positions, according to the notice.

Earlier, Binance lowered the daily withdrawal limit for new users who have completed basic account verification to 0.06 BTC, down from 2 BTC. Binance also reduced the leverage on the futures platform to 20x.

On 28 July the company announced the launch of a new API, enabling clients to track their crypto-asset transactions for tax reporting.

In June the UK Financial Conduct Authority banned Binance Markets Limited from any regulated activity in the country without prior written approval.

The Cayman Islands began a review of the exchange’s operations, Thailand and Hong Kong accused the company of unauthorised activity, while Japan issued another warning.

Polish regulators urged caution in using Binance’s services. Italy and Malta warned consumers about the company’s unregulated activities.

Against the backdrop of regulatory pressure, Zhao published a letter outlining the exchange’s plans for customer protection and ensuring compliance.

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