Binance is feeling the heat of regulators as the world’s largest crypto exchange has decided to stop its futures and derivatives products in Europe.
Also, the crypto exchange’s clients in Germany, Italy, and the Netherlands are now prohibited to open new futures or derivatives products accounts. Clients were notified that they will be given 90 days to close their open position. Binance is yet to announce when the 90-day countdown would start.
Binance has also announced that it would stop offering crypto margin trading with the Australian dollar, euro, and sterling.
Shooting arrows at the Goliath
The United Kingdom, Italy, Canada, Japan, and Singapore, and a growing number of countries are demanding an explanation from Binance about its inappropriate way of conducting business in their countries.
Thailand is one of the latest countries to throw a legal suit against Binance for operating without a license. With mounting pressures from various regulators, analysts are wondering if Binance can still maintain its dominant position in the cryptocurrency industry.
Almost a newbie
It is interesting to know that Binance, with its major presence in the crypto arena, is only a four-year-old company.
The crypto exchange giant has already introduced a series of financial services such as institutional services, decentralized exchange, and core exchange products.
On top of these things, it also offers derivatives products, trading services, and an NFT marketplace.
But even with the success being achieved by Binance, there are calls for the crypto exchange’s CEO Changpeng Zhao to step down to free the company from its mounting legal headaches.
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