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In response to increasing regulatory scrutiny, crypto exchange Binance has recently been making adjustments to its product offerings in different countries. In its latest move, the company announced that it will be restricting some of its services to users in South Africa for regulatory compliance.
“As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to South African users: futures, options, margin, and leveraged tokens,” the company said on a blog post published on its website on Friday, October 8.
Aside from not being able to access those products, Binance clients in South African will also not be able to open new accounts for futures, options, margins, or leveraged tokens.
The crypto exchange said that South African users are given 90 days to reduce and close their positions on the affected products. During this period, users will no longer be able to increase or open new positions but they are still allowed to top-up margin balances to prevent margin calls and liquidations.
Binance users in South African will no longer be able to close or manually reduce their positions after 11:59 p.m. on January 6, 2022. The platform will automatically close all remaining positions after the cut-off.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” the crypto platform explained. “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”
Binance has been recently tweaking its products and offerings worldwide to comply with local regulatory requirements. For instance, the company announced in August that its Australian users will no longer be able to open new accounts for margin products, options, and leveraged tokens. In September, it also announced that it will cease offering crypto derivatives trading for users in the country.
The crypto platform announced in September that it will be removing access to fiat deposit services, liquid swap, crypto spot trading, and buy crypto through fiat channels on its website for Singapore users. The restrictions will take effect on October 26, 2021, at 04:00 AM UTC (12:00 PM UTC+8).
