Binance releases crypto derivatives in Europe

Posted on Jul 30, 2021 4:13 PMUpdated on Jul 30, 2021, 5:55 PM

Binance will stop offering crypto derivatives and futures in Europe. The first markets to be affected are Germany, Italy and the Netherlands. Holders of derivatives have 90 days to close their positions. Ultimately, the world’s leading platform will no longer offer trading services on these risky products, but which generate high commissions for it. However, its users will be able to continue to buy and sell cryptos. Binance has been experiencing a series of setbacks for several weeks. At the end of June, she had been banned from carrying out any regulated activity in the United Kingdom.

On Twitter, its leader, Changpeng Zhao, put these new setbacks into perspective on Friday by telling his 3.1 million subscribers that “sometimes small setbacks are necessary for greater long-term growth.” At only 45 years old, he has a personal fortune estimated at 1.9 billion dollars by the magazine “Forbes”, which places him at 5e rank of the richest personalities in the crypto industry. Based in Singapore, he would hold around 30% of the capital of this financial multinational, one of the largest and fastest growing companies in the sector. It has 14 to 15 million customers, particularly in Asia. The group recorded around $ 1 billion in profits in 2020.

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