Cryptocurrency exchange Binance halts new Hong Kong futures accounts Binance Holdings Ltd. will not enable customers from Hong Kong to open new futures accounts. The largest crypto exchange by reported turnover stated in a Twitter publish that the transfer is efficient instantly. “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,” Binance stated in a publish on its web site. The former British colony has tightened its oversight on cryptocurrency buying and selling and requires all platforms to register with an area watchdog, and be topic to anti-money laundering and counter-terrorism financing guidelines. They can solely serve skilled traders, not retail merchants, in response to a authorities announcement in late May. Binance, which has come beneath scrutiny in current months from regulators in international locations together with the U.S., U.Ok., Malaysia and Thailand, stated late final month in a press convention that it’s altering its mindset from that of a tech startup to performing as a monetary establishment, with all associated licensing and compliance procedures in place. The exchange goes to use for licenses “everywhere,” Chief Executive Officer Changpeng “CZ” Zhao stated on the time. Dear Reader, Business Standard has at all times strived exhausting to supply up-to-date data and commentary on developments which are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on methods to enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these tough occasions arising out of Covid-19, we proceed to stay dedicated to holding you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance. We, nevertheless, have a request. As we battle the financial influence of the pandemic, we’d like your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from a lot of you, who’ve subscribed to our on-line content material. More subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We imagine in free, honest and credible journalism. Your help via extra subscriptions can assist us practise the journalism to which we’re dedicated. Support high quality journalism and subscribe to Business Standard. Digital Editor