Binance, the world’s largest trading volume by trade volume, continues to restrict its services amid continued control by international regulators, announcing new trade restrictions in Australia.
The exchange said on Monday that existing Binance users in Australia will have 90 days to reduce and close their positions on products such as cryptocurrency futures, options and used tokens.
From Friday, Australian users will not be able to increase or open new derivative positions on Binance. The post notes that users will still be able to replenish their margin balance to prevent liquidations and margin calls.
After December 23, Binance users in Australia will not be able to manually cut or close positions as all remaining open positions will be closed.
“We are committed to our industry for the long term, and we want our products to be well received by users and local regulators,” a Binance spokesperson told Cointelegraph. We also track local regulatory requirements across the different markets where Binance operates globally. “We want to make sure that every transmission we make is not disruptive,” the spokesperson said.
Related: Binance limits SGD product offerings in Singapore among regulatory notices
Binance’s recent halt to trading in Australia came after a number of similar restrictions in other countries as the stock market faced numerous warnings from several global regulators. Binance reportedly stopped trading in crypto derivatives in Brazil in August after a similar suspension of operations in Hong Kong. Binance previously suspended trading of derivatives for users in Germany, Italy and the Netherlands as part of its broader plans to end the use of these products in Europe.