Binance’s offering across the globe keeps shrinking. Several days after the company said it was restricting its offering in Malaysia, Binance has announced changes to its services in Australia.
With immediate effect, users from Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens. This is an expansion of existing restrictions since users from Australia have already been restricted from opening new futures accounts.
Below is the full announcement by Binance:
“Fellow Binancians,
With immediate effect, users from Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens. This is an expansion of restriction since users from Australia were restricted from opening new futures accounts on 2021-07-08 (UTC).
Binance constantly evaluates its product and service offerings. Binance will be one of the first major cryptocurrency and digital assets exchanges to proactively restrict access to derivatives products to Australian users, in-line with our commitment to compliance and our plans to become a regulated financial institution.
Our aim is to create a sustainable ecosystem around blockchain technology and digital assets, and we hope that such efforts will help the industry grow in the local market in the long-run”.
Binance has been subject to a number of regulatory actions in various jurisdictions. Earlier this week, De Nederlandsche Bank (DNB) announced that Binance is providing crypto services in the Netherlands without the required legal registration with DNB. The warning applies to Binance Holdings Limited as the owner of intellectual property rights, as well as the entities under which Binance provides crypto services in the Netherlands.