By Shelly Melancon (Switzerland)
Binance, a cryptocurrency exchange, announced earlier today that it would stop offering several of its popular crypto derivatives products in South Africa. The world’s largest cryptocurrency exchange announced the move after a number of products and services were temporarily suspended to comply with local laws. Crypto derivatives products, including contracts, futures, margin trading, and leveraged coins, have all been banned, according to the organization. Per the crypto exchange’s release, current users will have three months to close any existing positions, however they will be unable to access any new positions during that time.
South Africa Becomes Fourth Region
This is what was stated in the formal release: “Users will have 90 days to decrease and liquidate their positions in these items. However, users will not be allowed to expand or create new positions. Instead, they will be allowed to top-up margin holdings in order to avert margin calls and liquidations. On or after January 6th, 2022, at 11:59 PM, users will no longer be allowed to directly decrease or close their position(s) (UTC). Following that, all open posts will be filled by the company.”
Also read:The crypto exchange will have made a total of four announcements in relation to its crypto derivatives services around the world. The exchange began by discontinuing its derivatives services in Europe and then expanded to include Australia, Hong Kong, and so now South Africa.
Binance Plans New HQ in Ireland
Among other commitments to reform its ways with governing agencies throughout the world, the world’s largest cryptocurrency exchange by trading activity is also planning to set up a consolidated headquarters as part of a wider regulatory makeover plan. Recently, the CEO of the cryptocurrency exchange, Changpeng Zhao, stated that Ireland may also become a location for Binance. After Binance filed three companies in the country within a short period of time, the rumors began to spread.
“According to our historical records, we do not have a major base. We are currently in the process of constructing a few offices in various locations throughout the world,” CZ explained. Binance has claimed up until this point that they aim to be fully autonomous, and as a result, they have no plans to establish a physical presence. Although the crypto exchange has been subjected to a spate of regulatory warnings from over a dozen countries in recent months, they have been obliged to establish a consolidated headquarters.
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