Binance halted futures & options products for South African users 2

Binance announced that they will halt their four trading products for their South African users in order to comply with the regulatory authorities of South Africa.

Binance is the biggest crypto exchange by trade volume. And this exchange targets global pro crypto traders. But this year, this exchange got many threats and notices from the regulators of many countries. In particular they faced a very big problem by the United States Securities and Exchange Commission but finally the SEC released the Binance and admitted the claim of Binance that Binance exchange has no control over the Binance market Ltd in the United States. Because of such threats, Binance Exchange decided to make their platform better in order to comply with the rules and regulations of global regulators. 

Read also: Now Binance is free from the radar of U.K’s Regulators

In The latest, Binance exchange got an order from the regulators of South Africa over few products of the Binance exchange. So in response Binance exchange released a notice to stop their services for special kinds of trading products, which are Futures, Options, Margin, Leveraged Tokens. 

As per order of the Binance exchange, all the users are requested to close their position of the trading before 6th January 2022 11:59 PM (UTC). Otherwise, no one user will be able to change their positions manually and Binance exchange will close that position. 

From today, there are around 90 days for the Binance users of South Africa. 

The main reason behind this halting of the services is regulators issues, as per Binance announcement. 

Binance looking to setup headquarter

At the present time, Binance has three headquarters in Ireland for its three subsidiaries exchange. Before this they owned no headquarters to follow the concept of Decentralized nature. 

But recent Increasing threats on Binance raiser an issue on Binance exchange operations and also regulators of the United States raised questions, why Binance has no headquarters. So to follow the regulators guidelines and establish better communication with the regulators, Binance is trying their best to comply with rules.

Read also: Sri Lanka welcomes proposal to implement crypto mining and blockchain

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