Binance, the world\u2019s largest cryptocurrency exchange by trading volume, continues limiting its services amid the ongoing global regulatory scrutiny, announcing new trading restrictions in Australia.<\/p>\n
Existing Binance users in Australia will have 90 days to reduce and close their positions for products like cryptocurrency futures, options and leveraged tokens, the exchange\u00a0announced Sept. 20.<\/p>\n
Effective from Friday, Australian users will no longer be able to increase or open new positions for derivatives products on Binance. Users will still be able to top-up their margin balances to prevent liquidations and margin calls, the announcement notes. <\/p>\n
After Dec. 23, Binance users in Australia will no longer be able to manually reduce or close their positions as all remaining open positions will be closed.<\/p>\n
\u201cWe are committed to our industry for the long term and we want to ensure our product offerings are welcomed by users and local regulators,\u201d a spokesperson for Binance told Cointelegraph. \u201cWe also monitor local regulatory requirements across different markets as Binance operates globally. We want to ensure the process for any transition we make is not disruptive,\u201d the representative added.<\/p>\n