Binance Stops Providing Derivatives, Leveraged Tokens in South Africa

Binance officeBinance Limits Its Own Products In South Africa, offering
Customers in South Africa can no longer purchase cryptocurrency futures, options, margins, or leveraged tokens from Binance, the exchange declared on Friday. According to the exchange, “South African customers shall be restricted from opening new accounts for these products with immediate effect.”
A ninety-day period has been granted to existing customers to reduce and end their open positions. It further stated, “Customers will not be able to extend or open new positions, but they will be able to top-up margin balances to prevent margin calls and liquidations.” After January 6, 2022, at 11:59 PM (UTC), customers will not be able to manually reduce or close their holdings. All open positions that exist after then will be closed.
Binance claims that it took this action to ensure that its services complied with local legislation. The South African regulator has not blacklisted the exchange for any specific reason, despite other international regulators having issued warnings and even taking enforcement action against Binance.
Additionally, Binance no longer provides spot trading services on, its primary platform. Global KYC is required, and critical compliance posts have been filled by a number of former government and regulatory officers.
“Binance is pleased to see improvements to our exchange’s regulatory framework, which present chances for market participants to work more closely with regulators,” the exchange continued.

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