After Australia, Binance has axed its derivatives products in South Africa.
Shutterstock cover by Deyan Denchev
Share this article
Binance will no longer offer futures, options, margin, or leveraged tokens to users in South Africa.
Binance Makes Another Compliance Play
Binance is winding down derivatives in South Africa.
In a Friday announcement, the exchange confirmed that South African customers will no longer be able to access its crypto derivatives trading products “to comply with local regulations.”
The restricted products include margin trading, leveraged tokens, futures, options contracts based on various cryptocurrencies like Bitcoin and Ethereum.
The exchange has given South African customers only 90 days to close their trading positions. After Jan. 6, 2022, all remaining open positions in derivatives accounts will be automatically closed.
The announcement follows a September warning from South Africa’s Financial Sector Conduct Authority (FSCA) against Binance Group. At the time, the regulatory statement clarified that Binance was not authorized to provide services in the country.
It is worth noting that the restriction only applies to derivatives; South African users will still be able to access other services such as spot trading.
This is not the first time Binance has restricted its offerings in a specific country. Last month, the exchange also axed derivatives in Australia. It’s also halted most of its offerings in Singapore and Malaysia.
Meanwhile, the exchange has been making efforts to strengthen its global compliance requirements. Steps taken to comply with regulators include reducing leverage trading limits to 20x, evaluating all of its product offerings, introducing KYC verification for all users, and dropping its decentralized headquarters.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Leading crypto exchange Binance has announced that it will cease offering Australian customers futures, options, and leveraged tokens. Binance Cuts Offerings Binance is continuing to limit its services in the...
Amid heightened regulatory scrutiny, Binance will be discontinuing multiple crypto services to Singaporean customers from next month. Binance Customers Advised to Withdraw Assets Binance will effectively halt most of its...