Hong Kong is no longer able to open new futures accounts

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Hong Kong is no longer able to open new futures accounts

- Binance Holdings Ltd. will no longer allow users from Hong Kong to open new futures accounts.

The largest crypto exchange reported in Twitter said in a tweet that the move is effective immediately.

'We are restricting Hong Kong users in respect of derivatives products in line with our commitment to compliance, Binance said in a post on its website.

The former British colony has tightened its oversight of cryptocurrency trading and requires all platforms to register with a local watchdog and be subject to anti-money laundering and counter-terrorism financing rules. They can only serve retail investors, not professional traders, according to a government announcement from late May.

Binance, which has come under scrutiny in recent months from regulatory agencies in countries such as the U.S. U.K. Malaysia and Thailand, said in a press conference late last month that it was changing its mindset from thinking of a tech startup to acting as a financial institution with all related licensing and compliance procedures in place.

The exchange is going to apply for licenses everywhere, Chief Executive Officer Changpeng 'CZ' Zhao said at the time.