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Binance Crypto Exchange Winds Down Derivatives In Europe – Law360

Law360, London (July 30, 2021, 2:40 PM BST) — Cryptocurrency firm Binance announced on Friday that it is winding down its futures and derivatives product offerings across Europe, where it has been coming under increasing regulatory scrutiny amid concerns about compliance and protection for investors.

Binance Deutschland GmbH, which says it is the world’s largest cryptocurrency exchange by trading volume, said it is ending its derivatives and futures trading business in Europe, beginning with Germany, Italy and the Netherlands. Customers will have 90 days to close their accounts, the company said.

“With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts,” the exchange…