Connect with us

Hi, what are you looking for?

Cryptocurrency

Binance Halts New Hong Kong Futures Accounts

1 / 2

Crypto Exchange Binance Halts New Hong Kong Futures Accounts

— Binance Holdings Ltd. will no longer allow users from Hong Kong to open new futures accounts.

The largest crypto exchange by reported turnover said in a Twitter post that the move is effective immediately.

“We will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in-line with our commitment to compliance,” Binance said in a post on its website.

The former British colony has tightened its oversight on cryptocurrency trading and requires all platforms to register with a local watchdog, and be subject to anti-money laundering and counter-terrorism financing rules. They can only serve professional investors, not retail traders, according to a government announcement in late May.

Binance, which has come under scrutiny in recent months from regulators in countries including the U.S., U.K., Malaysia and Thailand, said late last month in a press conference that it’s changing its mindset from that of a tech startup to acting as a financial institution, with all related licensing and compliance procedures in place.

The exchange is going to apply for licenses “everywhere,” Chief Executive Officer Changpeng “CZ” Zhao said at the time.

source of news:bloomberg

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...