Binance Goes for another Shutdown of a Service in Europe

With every passing day, Binance seems to be looking more and more troubled as it has been facing many troubles globally. Almost every day, Binance is seen announcing that it is removing/shutting down its services. Almost every day, the exchange is announcing the shutdown of its services in different parts of the world.

The reason why the exchange is doing this is that it has been facing a lot of regulatory scrutiny from around the world. Regulators from around the world have started monitoring the operations of the exchange. It is highly likely that the exchange is going to get fined by the regulators if it does not comply with the regulations.

This is the reason why the exchange has started shutting down any services that seem to be unregistered or do not fall under the regulatory guidelines of the particular country.

The global scrutiny against the largest cryptocurrency exchange by the regulators has led the exchange to shut down many services. The exchange has done it either completely or partially to remain under the jurisdictions of the regulatory guidelines.

As per the latest reports, the exchange has gone ahead and has taken a look at its derivatives trading. The reports have started emerging that the derivatives trading services have been shut down by the cryptocurrency exchange.

The announcement around the suspension of the derivatives services was officially made by Binance on Friday, July 30, 2021. The exchange has announced that the particular services are being shut down in the region of Europe. The firm has revealed the names of the first three European countries where the derivatives trading service would be suspended.

The names of the first three countries include Netherlands, Italy, and Germany. Following the suspension, the exchange has announced that the users in the respective countries would not be able to avail themselves of the derivatives trading services. The users will not be able to open an account in the future. The exchange revealed that the implementation is instant so the suspension would be immediate.

Following the suspension of the derivatives trading services, the exchange also provided clarification in its announcement. The exchange announced that they were looking into all the products that they have been providing their users. Therefore, they are making the right chances and shutting down any services that may end up causing a negative impact on the users’ assets.

Further to the above announcement, Binance has also provided more clarity around the derivatives products and futures. The exchange clarified that it neither markets derivatives products nor futures locally. This is the reason why it is planning to wash out any kind of services that it does not intend to market.