Breaking: Binance Terminates Crypto Derivatives Offerings in South Africa

By Prashant Jha
Published October 8, 2021 Updated October 8, 2021
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Breaking: Binance Terminates Crypto Derivatives Offerings in South Africa

By Prashant Jha
Published October 8, 2021 Updated October 8, 2021

Binance crypto exchange announced the termination of key crypto derivatives offerings in South Africa earlier today. The world’s leading crypto exchange said the discontinuation of certain products and services in the region to comply with the local regulations. The crypto derivatives services that have been terminated with immediate effect include Futures, Options, Margin trading, and leveraged tokens. \

The crypto exchange notified that existing users would have 90 days to close their open positions but won’t be able to put any new positions. The official announcement said,

“Users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions. Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

This would be the fourth such announcement made by the crypto exchange related to its crypto derivatives offerings across the world. The exchange first shut its derivatives offerings across Europe, followed by Australia, Hong Kong, and now South Africa.

Binance Eyes Ireland For its New Headquarters

Amid a series of announcements to mend its ways with regulators across the world, the world’s top crypto exchange by trading volume is also looking to establish a centralized headquarters as part of its regulatory overhaul plans. Recently, the exchange CEO Changpeng Zhao revealed that Ireland could also become a destination for Binance. The speculations went rife after Binance registered three firms in the country in recent times.

“Historically, we claim that we don’t have headquarters. We are actually just in the process of establishing a few headquarters in different parts of the world,” CZ said.

Binance had maintained until now that they want to be truly decentralized and thus they have no plans of physical headquarters. However, the recent slew of regulatory warnings issued by nearly a dozen countries against the crypto exchange has forced them to settle for a centralized headquarters.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1086 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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