Changes to Binance offerings in South Africa
Binance continues to close down some of its services in certain regions, with the latest country being South Africa.
Binance users based in South Africa will have until January 6th next year to manually close their derivatives positions as the exchange is halting these services. This is the latest action by the world’s leading crypto trading platform in its efforts to comply with local regulators.
Binance has announced earlier on October 8th, alerted its South African customers that it will cease offering any derivatives services. More precisely, those are trading of futures, options, margin, and leveraged tokens.
With immediate effect, South African users will be restricted from opening new accounts for these products.
Users will have 90 days to reduce and close their positions for these products. Users will be able to top-up margin balances to prevent margin calls and liquidations, but they will not be able to increase or open new positions.
Users will no longer be able to manually reduce or close their positions after 6th January 2022 at 11:59 PM (UTC). Thereafter all remaining open positions will be closed.
Binance’s aim is to create a sustainable ecosystem around blockchain technology and digital assets. 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.
