Binance Holdings will cease providing services for cryptocurrency futures contracts and derivatives in Europe, according to data from the Binance announcement section.
Users in Germany, Italy, and the Netherlands will instantly be unable to open new accounts for crypto futures and derivatives products.
Users from these countries will have 90 days to close their open positions as of a later date to be notified in a subsequent notification.
Binance is currently undergoing additional regulatory examinations and reviews to become a fully-fledged official financial institution. Changpeng Zhao (CZ) is even willing to relinquish his high-ranking job if his organization can find a more qualified applicant with regulatory experience.
Related: Binance CEO Working With Regulators To Established Binance As A Global Platform
Globally, the largest exchange has recently been under fire from regulators. Banks and regulators in several countries, including the United Kingdom, Italy, and Hong Kong, have prohibited its operations. Its WazirX exchange is currently under criminal investigation in India on suspicion of facilitating money laundering activities.
Also Read: State Street Growing Its Presence In The Crypto Market
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