Binance Derivative Products Blocked In Australia, Users Left Frustrated
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Key Points:
- Binance has closed the personal derivative positions of a small number of Australian users who were mistakenly categorized as “Wholesale Investors” on their platform.
- Several Australian users are unable to access the exchange derivative products due to regulatory restrictions, and some investors must meet complex criteria to use derivatives in Australia.
Several Australian users in the Binance community have reported that they are unable to access its derivative products, indicating that the service is not available in their locations due to regulatory restrictions.
One user received a notification to close their Binance Australian derivatives position and account unless they could prove they were a wholesale client.
Another user commented that in Australia, investors must meet certain complex criteria to use derivatives, which is unsurprising.
This is a notice from the exchange Australia Derivatives, sent to a user, informing them of the immediate closure of their derivatives positions and account. The user is instructed to contact Binance customer support if they have any questions or wish to regain access to the derivatives trading platform by providing evidence of being classified as a Wholesale Investor.
Binance Australia’s other services, such as buying and selling of cryptocurrency, will continue to be available to the user. The notice also mentions a remediation and compensation plan for users who may be affected by the closure.
According to Binance, a small number of Australian users were mistakenly categorized as “Wholesale Investors” on their platform. In compliance with Australian regulations, Binance has notified these users and closed any of their personal derivative positions immediately.
Coincu previously reported Binance USD (BUSD), the third-largest stablecoin based on market capitalization, experienced a sudden drop to $0.20 against the DAI stablecoin on Wednesday morning.
BUSD has faced a regulatory challenge, as the New York Department of Financial Services (NYDFS) has directed Paxos to halt the issuance of the stablecoin. This move will ultimately lead to a decrease in the supply of BUSD over time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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