Binance, the world’s largest crypto exchange, blocks access to crypto derivatives for Hong Kong users

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Binance, the world’s largest cryptocurrency trading platform, announced that its Hong Kong users will no longer have access to crypto derivatives.

According to a release issued last Friday, new users of the platform in the Chinese special administrative region, “with immediate effect”, will not be able to have access to such products, while those who already have crypto derivative accounts will have 90 days to close the positions and during this period they will not be able to open new accounts.

The general manager of the platform, Changpeng Zhao, asserted on Twitter that the move aims to help establish best practices in the cryptocurrency sector, while Binance claims it seeks to “create a sustainable ecosystem around blockchain technology and digital assets.”

In May, China banned financial institutions from providing services related to cryptocurrency transactions on its territory and subsequently included Binance on its blacklist of web pages that cannot be accessed from the country.

Meanwhile, the United Kingdom forced specialized cryptocurrency companies to register with the country’s Financial Conduct Authority (FCA), after which Binance withdrew its registration request in mid-May. Subsequently, the FCA prohibited Binance Markets, a Binance-affiliated company, from conducting regulated activities in the UK.

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