As regulatory pressure intensifies, leading cryptocurrency exchange Binance has today announced that it would no longer provide support for three fiat currency pairs on its margin trading platform.
Binance to Delist All AUD, EUR & GBP Margin Pairs
In an official blog post published on Monday, Binance announced that it would delist all margin trading pairs for the Euro (EUR), Australian dollar (AUD), and British pound sterling (GBP).
The exchange disclosed that it will suspend these margin trading pairs on August 10 and will immediately conduct automatic settlements, including canceling all pending others. On August 12, Binance will officially delist the cross and isolated margin pairs from its platform.
The announcement further warns investors of the risks associated with margin trading.
“Margin trading carries a substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balances may be liquidated in the event of extreme price movement,” Binance cautioned.
Binance Faces Increasing Regulatory Heat
The new development comes amid an ongoing regulatory crackdown on Binance, as the exchange continues to restrict support for some of the trading services it offers to clients.
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Binance has been served various warning notices by financial regulators operating in virtually every country where the exchange offers its services. The company has been warned by regulators in the US, the UK, Italy, and Japan and was even sued by Thailand’s Securities and Exchange Commission (SEC).
Just last month, UK financial institution TSB Bank was allegedly making plans to restrict its customers to stop them from making crypto purchases through Binance, citing regulatory issues.
To further worsen the situation, several top banks are restricting their customers from making crypto purchases or even having any transactions with Binance.
It’s worth noting that the company has been entirely vocal and transparent about what’s going, admitting that it has made mistakes in the past but strives to work with regulators and keep everything in line.
Binance US Going Public?
Unfazed by the ongoing regulatory crackdown, Binance’s CEO, Changpeng Zhao, revealed that the exchange is ready to face whatever regulators throw at it, adding that Binance US is even considering going for an IPO and already setting up structures to make that possible.
Meanwhile, the fast-paced crackdown on top crypto exchanges, including Binance, in recent months has intensified, and investors are becoming concerned about whether it is a threat to the crypto industry.
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