Troubled crypto exchange Binance is to suspend its derivatives trading across the European region, starting with Germany, Italy and the Netherlands.
The company said in a statement that users in these countries could not open new futures accounts on Binance “effective immediately”.
“We’re continually evaluating our products and working with our partners to meet our users’ needs.
We plan to wind down our derivatives products offerings across the European region, commencing with the Netherlands, Germany, and Italy.”
Today we’re announcing that we plan to wind down our derivatives products offerings across the European region, commencing with the Netherlands, Germany, and Italy”, it said.
Binance added that the exchange doesn’t actively market futures and derivatives products locally, and it plans further to scale down access to these products in the region.
“The European region is a very important market for Binance, and it is taking proactive steps towards harmonizing crypto regulations, which is a positive sign for the industry,” Binance said.
Binance’s latest suspensions follow a raft of trading restrictions amid the company facing massive pressure from global regulators, including those in Germany and Italy.
In mid-July, the Italian Companies and Exchange Commission said that Binance Group and affiliated companies were unauthorized to provide investment services and operate in the country.
About a dozen other global financial authorities in countries such as the United States and the United Kingdom have posted related warnings in recent months.
Yet the company’s CEO, Changpeng Zhao recently said that Binance US, a U.S.-based cryptocurrency exchange operating separately from Binance, is looking to go public.
“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen,” Zhao said.