Australia bans Binance from offering crypto futures, options

The Australian government has banned Binance from offering crypto futures and options in their market and warned its citizens and residents who have invested in futures, options, and leveraged tokens to close their position within 90 days.

All Australian users will not be allowed to invest in Binance products starting from Friday, September 24 but can boost their margin balances against liquidation and margin calls.

On December 24, 2021, all Binance transactions on derivatives will close down.

Binance’s representative stated that they will ensure compliance and acceptance for all their products.

The exchange has stopped offering its derivative trading services in Brazil, Netherlands, Germany, and Italy, while Hong Kong has suspended its operations.

Many countries fear that the exchanges could serve as a means of money laundering due to the transactions’ anonymity.