Binance, the world’s biggest cryptocurrency exchange by volume of traded coins has recently announced that they are cutting back their offerings to only four cryptocurrencies in South Afica.
Binance is one step ahead in complying with global norms as other exchanges also follow suit by removing options for trading futures contracts or different types of derivative instruments on top crypto assets like Bitcoin Cash ABC etc., which will help them maintain tighter control over users’ funds at hand and avoid any potential hacks resulting from unsupervised trades done outside its platform limits.
In an official statement, Binance noted, “With immediate effect, South African users will be restricted from opening new accounts for these products.”
In a surprising move, Binance has announced that existing users who still have open positions on their account must reduce them by 90 days from today. This means if you’re looking to keep your trading profits or continue investing in the company before its new rules kick in – hurry up!
It adds, “Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions. Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”
In The Roadmap To Compliance
According to Binance, the company is taking steps in order for its services and products available on its exchange platform to align with local regulations.
Binance was forced to close its doors after receiving a series of regulatory warnings from regulators around the world. The closure came following enforcement actions, including an initial suspension that led them to be offline completely until further notice because they were not able or willing enough “to respond promptly”.
Earlier, Binance had to withdraw its derivatives and spot trading services in multiple European countries as well as Australia and Hong Kong. What’s more, is that it also discontinued providing such a service for cryptocurrencies on their primary platform – which happens to be a website named after themselves!
Binance is always doing its best for the safety of users’ assets by making sure that all new individuals have filled out forms correctly before being able to use any features on-site or anywhere else in order to make sure there isn’t anything fishy going down behind closed doors (ha!).
The exchange added, “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”