Crypto exchange Binance recently declared that it would shut down its derivatives trading segment across the European area. It will begin the process with Germany, Italy and the Netherlands. The exchange elucidated that users in the aforesaid nations can’t open new futures accounts on Binance effective immediately.
The exchange mentioned,
“We’re continually evaluating our products and working with our partners to meet our users’ needs. 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.”
As per the exchange’s statement, the latest move aligns with Binance’s commitment to start a positive dialogue with international financial regulators apropos local requirements.
Binance CEO Changpeng Zhao mentioned,
“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having a corporate structure. But we are setting up those structures to make it easier for an IPO to happen.”
In spite of the exchange’s increasing regulatory challenges around the globe, the firm’s CEO, Changpeng Zhao, seemingly remains optimistic about the future of the digital asset exchange. Last week, Zhao disclosed Binance US, a United States-based virtual currency exchange operating independently from Binance, is looking to go public.
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