Hong Kong cryptocurrency exchange Binance bars users from trading derivative products

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HONG KONG, August 6 - Binance, one of the world's largest cryptocurrency exchanges, announced on Friday it would prohibit users from trading derivative products, the latest in a series of changes the exchange has made to improve compliance standards.

Users will not be able to open new derivatives products accounts with immediate effect, and Hong Kong users will need to close their existing positions from a date to be announced, the statement said, adding this was in line with our commitment to compliance to implement?

Regulators in Hungary, Germany, Japan and Italy have been torpedoing binding pressure on Binance in the recent month, concerned about consumer protection and the standard of anti-money laundering checks at crypto exchanges generally.

Last month the exchange's CEO, Zhao Changpeng, said he wanted to improve relations with regulators and would seek to make regional headquarters, breaking with its decentralised structure.

Binance also announced that last month it would wind its derivatives and futures business in Germany, Italy and the Netherlands.