INSUBCONTINENT EXCLUSIVE:
Malaysia's securities regulator became the latest watchdog to target Binance on FridayMajor cryptocurrency exchange Binance said on Friday
it would wind down its futures and derivatives products offerings across Europe, the latest move by the platform as pressure grows from
regulators across the world.With immediate effect, Binance users in Germany, Italy and the Netherlands would be unable to open new futures
or derivatives products accounts, the exchange said in a statement on its website.Increasingly worried over consumer protection and the
standard of anti-money laundering checks at crypto exchanges, a string of regulators across the world - including Britain, Germany, Hong
Kong and Italy - have in recent weeks ratcheted up pressure on Binance, one of the world's largest exchanges by trading volumes."The
European region is a very important market for Binance, and it is taking proactive steps towards harmonizing crypto regulations, which is a
positive sign for the industry," the exchange said on Twitter"We understand that many regulators at local levels may have their own
positions on crypto, and we welcome the opportunity to engage in a constructive dialogue on local requirements."Users in the three countries
will, from a date to be announced later, have 90 days to close any open derivatives positions, Binance said.Germany's regulator BaFin
crypto products after growing regulatory pressure.Malaysia's securities regulator became the latest watchdog to target Binance on Friday,
business in Europe was, though UK researcher CryptoCompare said in June it was the largest derivatives exchange with volumes of $1.7
regulators, adding the exchange would seek their approval and establish regional headquarters.On Monday, Binance said it would stop offering
cryptocurrency margin trading involving the Australian dollar, euro and sterling.Earlier this month, it said it stopped selling digital
tokens linked to shares, after regulators cracked down on the cryptocurrency exchange platform's "stock tokens" offerings.Bitcoin was on
derivatives trading for retail players."A huge amount of money in crypto markets is floating around exclusively because of the existence and
availability of such products," said Joseph Edwards of Enigma Securities, a cryptocurrency broker in London."Binance have crowded out large
sections of the derivatives market over the last couple of years - if their retreat from said market deepens, the medium-term impact is
unlikely to be positive."
