Cryptocurrency Q&A
Is Binance shutting down in Australia?
Is Binance shutting down in Australia?
Giulia
Sat Mar 30 2024
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6 answers
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I've been hearing rumors that Binance is shutting down in Australia. Is this true? If so, what does this mean for Australian crypto investors? Will they still be able to access their funds and assets on the platform? Or will they have to transfer them to another exchange? And if so, which exchange would you recommend? Also, will this shutdown affect Binance's global operations? And if it does, how will it affect the cryptocurrency market overall? These are just some of the questions that are running through my mind. I hope you can provide some clarity on this matter.
6 answers
Federica
Sun Mar 31 2024
The move by ASIC comes as part of its broader crackdown on cryptocurrency exchanges that offer derivative trading products in the country.
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DongdaemunTrendsetterStyleIcon
Sun Mar 31 2024
ASIC, the Australian financial regulatory authority, has revoked Binance's licence in the country.
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Margherita
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures trading, and staking. It remains compliant with local regulations and continues to serve its customers worldwide.
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CherryBlossomDancing
Sun Mar 31 2024
This cancellation takes effect immediately, meaning that all existing derivatives positions on the Binance platform must be closed before April 12.
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JejuSunshineSoulMateWarmth
Sun Mar 31 2024
As a result, investors are advised to liquidate their derivative positions by the designated deadline to avoid any potential losses or compliance issues.
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