It is not news to people who have been in the crypto space that Binance is the world’s largest crypto exchange with a remarkable trading volume. It is known to charge a low trading fee and offer impressive customer support, high liquidity and several other services.
This exchange has been offering its services to numerous countries around the globe, including Australia. However, the leading cryptocurrency exchange has announced that it will be discontinuing its futures and option trading services for Australian users.
A few other initiatives have also been taken by the crypto exchange, which we can learn about in detail.
Binance is one of the best crypto exchanges in the world and has made it easy for a large audience to buy or trade crypto assets such as Bitcoin.
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Why Binance is Discontinuing its Services in Australia?
Among several other countries, Binance had also been offering its services to Australian customers. According to the announcement made by the largest cryptocurrency exchange, it will no longer be offering its futures and options trading services in Australia.
Apart from this, the crypto exchange will also cease to offer leveraged tokens to the existing Binance users in Australia. Leveraged tokens are a derivative product that enables the customers to gain leveraged exposure to digital assets without the risk of liquidation.
This new step taken by the Binance exchange will come into effect from September 24th, 2021. All existing Binance users in Australia can reduce or close their positions for the products mentioned above in 90 days.
The Australian customers will be able to avoid liquidations and margin calls by topping up margin balances. However, the option to open new positions or increase them will no longer be available.
The Binance exchange has planned to discontinue the above-mentioned services in order to comply with the local regulations.
In the past few months, Binance has also made a few changes in its services offered to the overall user base.
- Singapore dollar and Norwegian krone are no longer traded with Binance.
- The maximum leverage on Binance has also been reduced from 101x to 20x.
- Mandatory KYC checks have also been introduced by the exchange.
What Should Potential Investors and Traders Know?
There are several types of crypto exchanges in the crypto market. This can make it difficult for novice parties to know which is the most suitable platform, without any prior experience or relevant information.
However, Binance is one of the biggest crypto exchanges and offers impressive services to its users. It has gone through some changes, some of which are mentioned above.
If you are new to the crypto space and want to start trading or investing in digital currencies such as Bitcoin or Ethereum then you should be careful in choosing a platform. A cryptocurrency exchange that matches your trading requirements and other criteria can be a suitable option for you.
Bitcoin is the largest crypto asset in the world and has been seeing some ups and downs in its price recently. It is currently trading at $42,980 (at the time of writing).
If you want to purchase Bitcoin or Ethereum, make sure you choose a platform from some of the lowest fee crypto exchanges.
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