Cryptocurrency exchange Binance has just announced that Hong Kong residents can no longer access its crypto derivatives platform.
According to the announcement made by the exchange on its site, this is a proactive measure, which means that it has not been adopted at the request of any regulator.
From a date that will be announced by Binance later, users will have a 90-day grace period to close all their existing positions. During this period they will not be able to open any new positions.
As a result of the measure, Hong Kong users will not be able to access derivatives products (including all futures, options and margin products and leveraged tokens).
The exchange claims that “Binance will be the first major cryptocurrency and digital assets exchange to proactively restrict access to derivatives products to Hong Kong users.”