Binance Shuts Futures Accounts in Hong Kong

The world’s largest crypto exchange Binance said it would no longer allow new users to open futures accounts in Hong Kong, following warnings issued by the city’s regulators.

Existing users will have a 90-day period to close their positions, Binance said, and no new positions thereafter can be opened.

As the market leader, Binance constantly evaluates its product and service offerings,» the firm said in an announcement, adding that it was the first major firm to proactively restrict access to crypto-linked derivatives. We will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in line with our commitment to compliance.

The latest move follows a warning issued by the Securities and Futures Commission in July stating that the cryptocurrency exchange was not licensed or registered to offer securities.