Cryptocurrency exchange Binance has announced the closure of its derivatives offerings in three European countries. The exchange will no longer provide crypto futures and derivatives trading in the Netherlands, Italy, and Germany. The move is the latest in a series of measures taken by the firm to enhance its compliance and abate regulators’ concerns regarding regional requirements. Binance to Close Crypto Derivative Offerings in Europe On July 30, Binance updated its customers in Europe about the changes it would make to its services. The exchange said that it is shutting down its crypto futures and derivatives offerings in three countries. This means that customers in the concerned territories would not be able to open a new account to engage in derivatives trading. Furthermore, existing customers have been given 90 days to close their open positions. Within July itself, Binance has undertaken several initiatives to assure regulators that it is upgrading its compliance measures. The exchange has already reduced its daily withdrawal limits, phased out synthetic stocks from its platform, and announced a tax reporting tool. Legal Troubles Deepen for Crypto Exchange Binance in Malaysia The global regulatory crackdown on Binance is far from over. The exchange has found itself at the center of a new controversy in Malaysia where it is accused of illegal operations. The firm’s CEO Changpeng Zhao and his three affiliates have been ordered to close Binance.com and all associated mobile applications by the Malaysian Securities Commission. As per reports, Binance has 14 days to cease all activities including promotions and marketing in the media. The company would also have to disable its Telegram group to stop investors in the country from accessing it. Meanwhile, a Binance representative told Bloomberg that the exchange is well-aware of the restrictions. “Binance takes a collaborative approach in working with regulators in navigating this emerging industry and we take our compliance obligations very seriously,” the representative added. Binance Integrates Polygon Mainnet Token Onto the Platform Traders on Binance can now deposit and withdraw Polygon’s native currency MATIC through their accounts and utilize decentralized applications (DApps) for lower costs. This is possible due to a recent wallet integration for the Polygon mainnet token. While Binance specifically focused on MATIC in this announcement, the company also plans to support ERC20, BEP2, and BEP20 MATIC tokens. Before this, Binance has worked with Coinbase Wallet and Huobi in similar capacities.
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