Binance Derivatives Australia: Several Binance derivatives investors in Australia were notified that their accounts and positions would be closed immediately. The sudden development was caused by a mistake in the exchange’s requirements for investors to be “wholesale investor”. Binance stated that it would continue to adhere to its criteria that derivatives products would only be available to wholesale investors. Binance CEO CZ stated that losses resulting from account closures would be compensated accordingly.
Also read: SingularityNET Cardano Staking portal Beta Launch Data Announced

Advertisement

He also mentioned the possibility of reviewing closed accounts. The exchange stated that the issue was discovered during an investigation of the user onboarding process. It was determined that some users were not eligible to hold derivatives positions. All positions that were open for affected users were immediately closed. Users were also denied access to the Binance Australia derivatives platform.

CZ tweeted, “In the midst of fear and uncertainty surrounding this sudden development, CZ stated in a tweet.
“Users will be compensated if they suffer any loss due to force closing of positions. Binance’s number one priority is to protect users. We will review the situation to determine if/when futures can be re-opened in Australia.
Trending Stories

Also read: Coinbase Launches a New Product Base To Rival Layer-2 Networks

About the author
Disclaimer

The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all