Binance, the cryptocurrency exchange, stated earlier today that it will be discontinuing major crypto derivatives services in South Africa.
The world’s largest cryptocurrency exchange stated that some goods and services would be discontinued in the region to comply with local rules. Futures, Options, Margin trading, and leveraged tokens are among the crypto derivatives services that have been suspended with immediate effect.
The cryptocurrency exchange informed current customers that they would have 90 days to cancel their open holdings but would be unable to create new ones. According to the official statement,
“Users will have 90 days to liquidate and close holdings in these items. Users will be allowed to replenish margin balances in order to avoid margin calls and liquidations, but not to raise or create new positions. After 6th January 2022 at 11:59 PM, users will no longer be able to manually reduce or close their positions (UTC). Following that, all remaining vacant posts will be eliminated.”
This would be the exchange’s fourth such statement on its crypto derivatives offers globally. The exchange initially suspended futures trading in Europe, then in Australia, Hong Kong, and now South Africa.
Binance Is Interested in Ireland For the Construction of its New Headquarters
Following a series of statements intended to heal fences with regulators worldwide, the world’s largest cryptocurrency exchange by trading volume is also considering establishing a centralized headquarters as part of its regulatory reform plans. Changpeng Zhao, the exchange’s CEO, recently announced that Ireland may potentially become a Binance destination. The rumors intensified following Binance’s recent registration of three businesses in the nation.
“Historically, we have asserted that we lack a headquarters. We are currently in the process of building a few headquarters throughout the world,” CZ said.
Binance has previously said that they desire true decentralization and hence have no intentions for a physical headquarters. However, a recent wave of regulatory warnings filed against the crypto exchange by almost a dozen nations has compelled them to establish a centralized headquarters.
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