Just in: CZ Says to Reconsider Opening Binance Derivatives In Australia

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.
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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.
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