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Crypto Exchange Binance announced that Hong Kong users can no longer create new term accounts.
Crypto Exchange Binance Tackles New Hong Kong Term Accounts
Binance today announced in a blog post on its website that the crypto exchange is ending derivatives trading in Hong Kong.
The ad explains:
As a market leader, Binance is constantly evaluating its product and service offerings. We will restrict Hong Kong users from derivative products (including all futures, options, margin products and leveraged tokens) in accordance with our commitment to compliance.
The movement comes into “immediate effect” for new accounts. While existing users will benefit from a 90 day grace period during which they can close their open positions.
The blog post notes that this grace period will not begin until a later date, which will be announced shortly. In addition, during this grace period, users cannot open any new positions.
Over the past few months, the crypto exchange has faced several regulatory challenges around the world. Countries like the UK, US, Malaysia, Italy and Thailand have all issued warnings to the company.
Hong Kong’s financial regulator last month clarified that Binance cannot conduct regulated activities in the country.
Recently, the crypto exchange announced that in the future it will follow all compliance procedures and associated licenses.
Related reading | Malaysian regulators put pressure on Binance as it pulls euro futures and derivatives
Binance will be the first major cryptocurrency and digital asset exchange to proactively restrict access to derivatives to users in Hong Kong.
On a related note last month, the organization announced it was phasing out stock tokens, which worries Hong Kong’s financial regulator.
Binance is currently the world’s largest crypto exchange in terms of trading volume, with nearly $ 21 billion in volume.
Bitcoin price
As of this writing, the price of BTC is floating around $ 40.9,000, up 5% over the past 7 days. Over the past 30 days, the crypto appears to have racked up 18% gains.
Here is a graph that shows the trend in the value of Bitcoin over the past 3 months:
BTC's price zig-zags around the $40k mark | Source: BTCUSD on TradingView
After a short downtrend after a touch of the $ 42,000 mark, Bitcoin appears to be back on an uptrend as the crypto once again successfully breaks the $ 40,000 resistance.
Yesterday an influx of 11k BTC to the Binance crypto exchange caused the price of the cryptocurrency to drop 5%.
Related reading | Bitcoin Miners See Revenue Increase 31% As Hash Crash Recovery Continues
Right now, BTC appears to be repeatedly swinging up and down from the $ 40,000 level, but the fact that it doesn’t go back up right after hitting it could turn out to be a sign positive. However, it is still unclear whether Bitcoin can maintain the uptrend or if it will initiate a downtrend from here on out.
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