Key Points:Binance stated that approximately 500 Australian users were affected by the closing of contract positions.
This is not desirable as the exchange must comply with all applicable laws.
The exchange is currently in contact with affected users to determine a compensation program.
The exchange shared the news via Twitter, stating that 500 users in Australia were affected by the closing down of its contract positions.
This remediation affected 500 users. It was necessary to comply with local laws. We serve more than 120 million users worldwide and each user is important to our company. We are in touch with affected users to finalize our compensation plans.
This is a necessary but undesirable step to ensure that the market No. 1 remains competitive. This is an undesirable but necessary step to ensure that the market No. 1 is safe. Binance notified the users and closed their individual derivatives positions to comply with Australian regulations. Binance has over 120 million users worldwide and is the most popular cryptocurrency exchange (in terms trading volume). This exchange is also known for being one of the most well-regulated. Last year, Binance continuously sought out and appointed vital positions to strengthen comprehensive compliance.Currently, the exchange is contacting the affected people for a compensation plan.Binance is currently in constant legal troubles as its stablecoin BUSD previously faced a legal challenge, as the New York Department of Financial Services (NYDFS) forced Paxos to halt the issuance of new stablecoins.The SEC is also blocking Binance’s $1 billion acquisition of Voyager Digital by identifying Voyager’s VGX token as an unregistered security.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu NewsTags: # Cryptocurrencies#MarketsAustraliaBinanceBinance EarnBlockchaincrypto