In light of recent regulatory hurdles, Binance has decided to reduce its derivatives services in Europe, starting with Italy, Germany, and the Netherlands.
The world’s leading cryptocurrency exchange has announced that it will cease providing futures and derivatives products in three European countries. Users from the Netherlands, Italy, and Germany have three months to close their positions.
According to an announcement from July 30th, customers from the aforementioned countries cannot open new futures accounts on Binance with “immediate effect.”
Those who already have registrations and have opened derivatives positions will have 90 days to close them.
This move is a part of the company’s longer-term strategy to “continually evaluate our products and work with our partners to meet our users’ needs.”
Moreover, the firm said this is just the start of winding down its futures and derivatives product offerings across the entire European continent.
It’s worth noting that the popular exchange has faced enhanced regulatory scrutiny in the past few months from various directions.
It already had to close another one of its products – the stock tokens trading – while the CEO, Changpeng Zhao, promised that the company will be regulated everywhere.
“We understand that many regulators at local levels may have their own positions on crypto, and we welcome the opportunity to engage in a constructive dialogue on local requirements.” – reads the firm’s Twitter post.