August 6, 2021
Binance revealed on August 6 that the exchange will no longer offer crypto derivatives products to customers. The news follows the company’s current issues with global regulators and large financial institutions ceasing to service Binance. According to the announcement, the change is aligned with the exchange’s compliance initiatives.
In addition to this update, Binance told in a later announcement, which will place into effect a 90-day grace period for HK-based users to close any remaining open positions. During this time no new positions will be allowed to proceed. Binance will be the first major cryptocurrency and digital assets exchange to proactively restrict access to derivatives products to Hong Kong users.
Binance also said that their aim is to create a sustainable ecosystem around blockchain technology and digital assets, and they hope that such efforts will help the industry grow in the local market in the long-run.