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Binance has officially announced that it will be reducing its supply of crypto futures and derivatives in Europe.
#Binance will end its futures and derivatives offerings in Germany, Italy and the Netherlands.https://t.co/DhLdyk6Q7w
– Binance (@binance) July 30, 2021
next the warning of the Italian Consob on derivatives and tokens, the crypto exchange had already completely eliminated them globally, whereas the measure announced today only concerns the European market.
Specifically, the company has announced that it will reduce its derivative and futures offerings in Germany, Italy and the Netherlands with immediate effect. As a result, users residing in these countries can no longer open new accounts for these types of products.
All trade in these products in these countries will also be suspended in the coming days, although it is not yet known when this will take place. From the date, which will be announced in a future announcement, users in those countries will have 90 days to close all open positions in futures and derivatives on Binance.
In this way, the exchange can continue to function, since by removing stock tokens and not allowing Italians, Germans and Dutch to use derivatives, it effectively cancels the warning of the Italian Consob and prevents any other similar problem in Germany and the Netherlands.
This morning, following the publication of this announcement, the crypto markets fell slightly across the board, with the price of bitcoin dropping 2.8% in ten minutes. The decline then continued for another forty minutes, with an overall loss of nearly 3.4%.
However, it should be noted that at around the same time, the euro appreciated against the US dollar, topping $ 1.19 for the first time since June 29. In other words, the European markets seemed particularly active this morning, while in the United States, it was late at night.
Binance’s decisions after the warning from Consob, the Italian government’s financial market watchdog, came very quickly, with the first coming the next day and the second two weeks later. In other words, in two weeks, the stock market seems to have solved all known issues with the Italian regulator.
The spot crypto market, where tokens and fiat currencies are traded directly, is unregulated, so those who operate in this industry are not required to comply with any particular regulations. Instead, the futures and derivatives markets and the stock market are regulated.
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