Binance to Close Futures and Options Trading for Australian Users


Binance, the leading crypto exchange by trading volumes, has announced that it will no longer offer futures and options trading in Australia, On top of that, the company will also remove support for leveraged tokens, a derivative product that allows users to gain leveraged exposure to cryptocurrencies without risking liquidation.


Starting from Sept. 24, its Aussie customers will have 90 days to exit their positions, In late July, Binance Futures reduced the maximum from 101x to 20x in response to the regulatory onslaught around the world.


The exchange also moved to introduce mandatory KYC checks for all users in order to strengthen compliance, Binance is currently facing an insider-trading investigation in the U.S. according to a recent Bloomberg report.