Cryptocurrency exchange Binance has just announced it intends to close its crypto derivatives service in Europe, the company has reported via a press release.
According to the trading platform, the first countries that will be affected by the decision are Germany, Italy and the Netherlands, however, the restrictions will be applied to additional jurisdictions in the future.
The company announcement reads:
“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.”
This is not the first important measure taken by the exchange recently. For instance, Binance has previously reduced the daily withdrawal limit for new users who have passed basic KYC from 2 BTC to 0.06 BTC. In addition, users can no longer open positions with a leverage of more than 20x.
Regulators from many different countries, including the UK, the Cayman Islands, Thailand, Hong Kong, Japan or Poland are putting their attention on the activities of the exchange in their territories.