Stepping up efforts to minimize the inherent risks of trading cryptocurrency, major crypto exchange Binance has announced it would restrict access to derivatives products to Hong Kong users. The official announcement reads:
However, Binance’s proactive means to restrict Hong Kong users was not supported by a date of when the restrictions will be imposed. To provide clarity behind Binance’s latest restrictions, CEO Changpeng Zhao said the move is aimed to be a “proactive measure” for establishing “crypto compliance best practices worldwide.”