CZ Clarifies Binance Australia Spot To Continue Despite Derivatives Closure

1. CZ clarified Binance Australia’s derivatives closure, saying the exchange requested it and was not forced to do so.
2. Users have until April 14 to modify their positions and April 21 to use the derivatives platform.
3. Binance Australia’s spot trading will remain largely unaffected by the said news.

Changpeng Zhao (CZ) took to Twitter to clarify the closure of the derivatives exchange of Binance Australia after some started questioning the platform’s stability. 

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According to CZ, Binance Australia requested to cancel its derivatives license, and the Australian Securities and Investments Commission (ASIC) did not compel it to do so.

The screenshot was taken from the ASIC announcement, which stated that Binance requested to cancel its derivatives license following an “engagement” with the Aussie regulator, as per Binance’s advisory. As per Binance, this is so that the exchange will be able to “pursue a more focused approach in Australia.”

Derivatives users have until April 14 to open or modify their derivatives positions on the exchange. One week after, on April 21, the exchange will close all remaining positions.

Binance assured that the spot market will remain unaffected by the derivatives closure. At the moment, Binance Australia is considered one of the largest crypto exchanges in the said country, although the top spot is still held by CoinSpot by a few notches in terms of adoption.

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