Cryptocurrency exchange Binance halts new Hong Kong futures accounts




Binance Holdings Ltd. will no longer allow users from to open new futures accounts.



The largest crypto exchange by reported turnover said in a Twitter post that the move is effective immediately.





“We will be restricting users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in-line with our commitment to compliance,” Binance said in a post on its website.


With immediate effect, users from cannot open new futures accounts on Binance.


As a market leader, #Binance is the first major crypto exchange to proactively take this action.


— Binance (@binance) August 6, 2021


The former British colony has tightened its oversight on trading and requires all platforms to register with a local watchdog, and be subject to anti-money laundering and counter-terrorism financing rules. They can only serve professional investors, not retail traders, according to a government announcement in late May.


Binance, which has come under scrutiny in recent months from regulators in countries including the U.S., U.K., Malaysia and Thailand, said late last month in a press conference that it’s changing its mindset from that of a tech startup to acting as a financial institution, with all related licensing and compliance procedures in place.


The exchange is going to apply for licenses “everywhere,” Chief Executive Officer Changpeng “CZ” Zhao said at the time.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor




Source link

Leave a Reply

%d bloggers like this: