Binance cryptocurrency exchange shuts down new Hong Kong term accounts
Binance Holdings Ltd. will no longer allow Hong Kong users to open new term accounts.
The largest crypto exchange by reported revenue said in a Twitter post that the move is effective immediately.
“We will restrict Hong Kong users with respect to derivatives (including all futures, options, margin products and leveraged tokens) in accordance with our compliance commitment,” Binance said in an article. published on its website.
The former British colony has stepped up its oversight over cryptocurrency trading and requires all platforms to register with a local watchdog and be subject to anti-money laundering and funding rules. terrorism. They can only serve professional investors, not retail traders, according to a government announcement in late May.
Binance, which has come under intense scrutiny in recent months from regulators in countries such as the US, UK, Malaysia and Thailand, said late last month during of a press conference that he changed his mindset from that of a technology startup to that of a financial institution. with all related authorization and compliance procedures in place.
The exchange will apply for licenses “everywhere,” General Manager Changpeng “CZ” Zhao said at the time.