Binance Suspends Futures Options Trading for Australians Amid Regulatory Clampdown
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Binance continues to face intense scrutiny from regulatory bodies across the globe as the behemoth cryptocurrency exchange announced yesterday that it would halt futures options and leveraged tokens offerings to Australian users in the next 90 days. The world’s largest crypto exchange noted that:
“Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products.”
Binance went on to explain that: “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.” The company also noted that: “Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”
Meanwhile, Binance Australia recently underwent some significant changes. In late August, the crypto exchange announced the addition of former ASX-listed blockchain technology company, Digitalx, CEO Leigh Travers to the Binance Australia team.
Binance continues to receive regulatory pressure from regulators across the globe. Regulators that have come after Binance in recent times include those in the UK, Netherlands, Singapore, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy, and Canada. Last week, we reported that US authorities had launched investigations into the company for possible market manipulation and insider trading.
Key Binance Coin Levels to Watch — September 22
Binance Coin (BNB), along with most of the crypto industry, suffered a bearish rout on Sunday, which pushed the cryptocurrency below the $340 mark. That said, bears could not sustain this move, which has opened the doors for bulls to regain some headway.
According to our fixed range volume profile (VPFR), trading volume is scarce below the $360 area, indicating that bulls have the opportunity to reclaim the $380 – $400 zone with a slight nudge. That said, we expect to see a bullish continuation over the coming hours.
Meanwhile, our resistance levels are $380, $400, and $410, and our key support levels are $350, $340, and $320.
Total Market Capitalization: $1.87 trillion
Binance Coin Market Capitalization: $60.9 billion
Binance Coin Dominance: 3.26%
Market Rank: #5
