Binance Announces Shutting Down of Its Crypto Services for Customers in Australia

Concerned with the regulatory compliance issues, Binance has again been forced to shut down its crypto services for its Australian customers. Australian investors utilizing Binance crypto trade services of “options”, “futures” and “BNB tokens” will no longer invest in these products as the same will be permanently shut down after expiry of three months.

A 90 day notice has been issued by Binance for its investors residing in Australia. The firm has announced that due to regulatory constraints the firm’s platform will not be able to facilitate Australian customers/investors. While the complete services will not be suspended, but only a few of its services will be shut down complete after 90 days period. The services that arpto token BNB.

The firm has informed further that the change will come into effect on 24th September, 2021. Thereafter, 90 days grace period will be offered to Australian investors. During this time, the investors will have to make sure that they complete their locked transaction.

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In case there are delays, for say a locked position will conclude after 23rd December, 2021, then such positions will need to be cancelled. In case the locked positions are not cancelled and the grace period is ended, then Binance shall not be responsible for the investors’ losses.

It has been further clarified that the Australian users can, in the meantime, avoid liquidations and margin calls. They can prevent them from happening by topping up their margin balances. However, they cannot in any circumstances increase their positions.

Similarly, they won’t be having the option to hold new positions as well, clarified Binance. In addition, the option to decrease their positions and topping up their margins is available until 23rd September, 2021. On 24th September, 2021, the option will automatically expire.

Binance is currently in the process of undergoing several changes. Very recently the firm has hired a new CEO for Binance Australia namely Leigh Travers. Travers was once the Chief Executive Officer of a listed blockchain entity called “Digitalx”.

On the other hand, Binance is also going through a very tough time globally. It is in dispute with a number of global national regulators with regard to its failure to comply with their prescribed guidelines. However, the firm has been recently making statements revealing its intent to remove concerns of these regulators. Yet the situation is going totally out of Binance’s control.

Meanwhile, in the US, a joint investigation by top regulators of the US has been initiated against Binance. The investigators are probing the possibility whether Binance had ever involved in “insder trading”. The allegation is too dangerous for any business which is part of the corporate sector. But the firm is denying any such involvement.