Yesterday, October 8, cryptocurrency exchange Binance announced that it will no longer access derivatives trading for South African users due to regulatory requirements.
As reported in an article on the company’s blog, access to cryptocurrency derivatives is terminated immediately. Users have 90 days to close their positions – after this period expires, trades will be closed automatically. To maintain margin requirements, during this time, users will be able to fund their accounts for derivatives trading, however, the ability to increase positions will be disabled.
The article emphasizes that Binance is doing everything it takes to comply with the regulatory requirements of various countries. Note that the exchange is not registered with the South African regulator and, as far as is known, did not submit such an application. At the same time, South Africa, along with Nigeria, is the leading country on the continent in terms of the volume of transactions with cryptocurrencies.
Recall that Binance has already introduced similar restrictions in several countries. Thus, residents of Australia and Hong Kong have lost access to cryptocurrency derivatives trading. The platform also stopped trading in pairs with the Korean won and the Singapore dollar.
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