Binance is Phasing Out Futures and Options Trading in South Africa
The trading platform Binance continues to adjust the business to the requirements of the regulators. The popular digital asset exchange Binance has decided to correct services and products in the South African Republic market. Information about this appeared on the official website of the trading platform.
Binance decided to make the adjustments after evaluating their products and services for compliance with local regulations. It turned out that some of the offers of the trading platform may violate the laws of South Africa. We can recall that in early September 2021, the country’s authorities announced that Binance operates in the jurisdiction without a license. Regulators advised citizens to refuse to conduct operations on the crypto exchange.
To comply with the regulatory requirements of the Republic of South Africa, the Binance team has decided to phase out futures and options trading in the country. Also, the crypto exchange will close local users access to margin operations and leveraged tokens. The Binance team gave South African customers 90 days to close positions on products that the crypto exchange representatives decided to stop supporting in the region.
South Africa is far from being the first direction for correcting Binance’s business proposals. Earlier, the team of the crypto exchange took similar measures in Australia and a number of European countries. Amid regulatory pressure, Binance representatives continue to strengthen the team with specialized specialists.