Despite facing regulatory problems all over the globe, Binance exchange has announced the closure of all futures and derivative services across Europe.
Binance has stated that all of its Futures and Derivatives operations in Europe would be shut down.
Furthermore, users of the Binance exchange in the Netherlands, Germany, and Italy will no longer be able to establish new futures trading accounts as of today.
Users will have 90 days from the date of the notification to withdraw their funds and close their derivatives and futures accounts, according to the crypto exchange.
This decision is part of Binance’s aim to phase out its futures and derivatives product offerings across Europe, according to the company.
The press release from the crypto exchange also included a danger warning, emphasizing the volatility of futures trading.
“Futures trading carries substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movements.”
Binance reduces leverage limit
The maximum leverage limitations for futures trading have been significantly reduced by Binance and the FTX derivatives exchange.
The exchange announced that it had begun lowering leverage restrictions for new customers and that it will do so for existing investors in the following weeks.
Malaysia bans Binance
Binance’s global regulatory problems have become worse, with Malaysia’s Securities Commission (SC) recently declaring a ban on the exchange.
Binance was hit with yet another regulatory jolt when it was banned in Malaysia. Binance has been “illegally running a digital asset exchange,” according to the Securities Commission.