Cryptocurrency exchange Binance said on Friday it will stop offering crypto futures and derivatives trading in Europe.
Users have 90 days to close their positions
Users in Germany, Italy, and the Netherlands will no longer be able to open new accounts for crypto futures and derivatives products immediately. From a date to be announced later, users from these countries will have 90 days to close their open positions, Binance said.
The news comes after increasing regulatory pressure on Binance from financial authorities around the world, including the United Kingdom, Germany, Japan, and Italy. Binance’s WazirX exchange is also under criminal investigation in India over allegations of allowing money laundering activities.
Binance must also stop its marketing activities and deny Malaysian investors access to its Telegram group.
This is not the first action Binance has taken this week
Earlier this week, Binance announced it would delist cross and isolated margin pairs AUD, EUR, and GBP. The exchange will remove the first trading pairs on August 10 and take another half off the list on August 12.
The exchange also had to stop offering tokenized shares and has reduced the leverage that new customers can use to a maximum of x20.