It was reported that Binance will end its derivatives offerings to Australian traders by December. Current users have 90 days to close their positions on options, futures, and leveraged tokens.
December 23rd is the last day on which users will still be able to manually reduce their positions. Following that date, all open positions will be closed. According to CoinDesk, a spokesperson for Binance stated:
“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements.”
The decision comes after in August the exchange put restrictions on options, margin products, and leveraged tokens which banned new accounts from engaging. Further back, Binance also put a stop to crypto margin trading that involved the sterling, the euro, and the Australian dollar in July as a way of trying to please financial regulators.