Binance stops futures and derivatives trading in the Netherlands, Germany and Italy.
Binance announces new measurements to further ‘comply’ with regulation! Despite the rapidly growing Crypto ecosystem. It has just been announced that one of the largest exchanges wants to phase out their futures and derivatives offerings in Europe.
Binance futures and derivatives trading will stop for the countries: Germany, Italy and the Netherlands. Effective immediately, people from these countries will not be able to open new futures accounts. As a futures trader you have 90 days to close your positions.
Trading with leverage is risky. The chance of substantial profits and large losses is therefore not possible. The margin balance can be liquidated, which can cause you to lose all your money in a short period of time.
Announcement Binance
”“Fellow Binancians, As the crypto ecosystem evolves globally, we are continually evaluating our products and working with our partners to meet our users’ needs. As such, Binance will wind down its futures and derivatives products offerings in Germany, Italy, and the Netherlands. With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.”
Source: https://www.binance.com/en/support/announcement/f72d0fff2bd24b488213fa30284dd4cd
Binance lowers withdrawal limits
On July 28, Binance already announced that the withdrawal limits for users without KYC will be lowered as of August 8. Binance users are encouraged to verify their account.
Binance temporarily stops deposits through the European SEPA network.
In recent weeks, Binance has had to deal with a wave of regulators taking care of their policies and services. Binance, one of largest cryptocurrency exchanges has temporarily stopped deposits through the European SEPA network.
Alternatives Futures and derivatives trading
At the moment the alternatives for futures and derivatives trading are limited. We ourselves are not fans of trading with leverage but if you still want to do this you could look at ByBit and Bitmex.
