Binance, the world’s largest cryptocurrency exchange, will cease offering futures and derivatives products to investors in some European countries amid a growing crackdown by regulators.
Users in Germany, the Netherlands and Italy won’t be able to open new futures or derivatives products accounts, with immediate effect, Binance said Friday. It indicated that other European countries could be added. At a future date, the exchange will instruct users in those nations with current positions that they have 90 days to close them.
Separately, Malaysia’s securities commission on Friday reprimanded Binance and its chief executive, Changpeng Zhao, for operating illegally in the country, despite a previous warning. It ordered Binance to disable its main website and mobile applications in Malaysia within 14 business days, and immediately cease all media and marketing activities in the country.
“Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately,” the commission said, adding that it had specifically ordered Mr. Zhao to ensure Binance’s withdrawal from Malaysia was carried out.
The exchange said that it took its compliance obligations seriously and that its website didn’t operate out of Malaysia.