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Binance Derivatives Australia: Some of the Binance derivatives investors in Australia were informed of closure of their accounts and positions on an immediate basis. The exchange said the sudden development was due to a classification error in its requirements for investors to be “wholesale investors.” Essentially, Binance said it was sticking to the criteria that the derivatives products will be available only to the wholesale investors. However, Binance CEO CZ said losses due to the account closure would be accordingly compensated.
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“Losses To Be Filled By Binance”
He also hinted about the chances of reviewing these closed accounts. Amid some fear and uncertainty around the sudden development, CZ said in a tweet,
“Users will be compensated for any loss incurred due to the force close of positions. Protecting users is #1 priority at Binance. We will review the situation and see if/when we can re-open futures offerings in Australia.”
The post Just In: CCZ Says To Reconsider Opening Binance Derivatives in Australia appeared first on CoinGape.
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