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Binance Suspends Crypto-based Derivatives Products in Hong Kong

by Miki 08/06/2021
by Miki 08/06/2021 0 comment

Binance, a Singapore-based global cryptocurrency exchange, announced Friday that not allow Hong Kong users to open new derivatives accounts, effective immediately. 

Binance stated that it would give users of Binance who have opened accounts a 90-day grace period to deal with existing derivatives product accounts to close their open positions, and Hong Kong customers who have held relevant positions are not allowed to open new positions.

To fulfil the compliance of local regulatory agencies, Binance will restrict Hong Kong users from using derivative products (including all futures, options, margin products, and leveraged tokens). 

It also stated that they would become the first major cryptocurrency and digital asset exchange that actively restricts Hong Kong users from using derivative products.

This is the latest Binance’s series of measures to strengthen its compliance measures to quell global regulators’ concerns about local requirements.

Except for Hong Kong, Binance no longer provided crypto-based futures and derivatives in the three European countries, the Netherlands, Italy, and Germany, according to the official announcement on July 30.

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

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      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

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      Blockchain

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      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

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