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Binance Australia Derivatives is reportedly closing accounts and positions for some users

Binance Australia Derivatives is reportedly closing accounts and positions for some users

#Binance #Australia #Derivatives #reportedly #closing #accounts #positions #users Welcome to InNewCL, here is the new story we have for you today:

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Binance Australia Derivatives users reported abrupt notifications sent by the digital asset platform on February 23, saying that it was beginning to close certain derivatives positions and accounts.

According to screenshots posted by various users on Twitter, users who did not meet the wholesale investor requirements were told that all their positions would be closed and they would no longer have access to the Binance Australia Derivatives Platform.

Binance abruptly closed derivatives positions for many Australian users #Australia #binance pic.twitter.com/4t1gL08oK6

— Moidul Islam (@Mi_moidulislam1) February 23, 2023

Users have been informed that in order to continue using Binance Australia’s derivatives platform, they must provide the necessary supporting documentation to meet the requirements for categorization as a Wholesale Investor.

The notification goes on to say that Binance Australia Derivatives is working on a remediation and compensation plan for users who are owed refunds in light of the update.

It was then said that the following actions were in line with local regulations in Australia, therefore users were contacted immediately and affected accounts were closed.

Our team identified a small number of Australian users who were incorrectly classified as “Wholesale Investors” on Binance.

Under Australian regulations, we were required to notify these users and close all of their own derivatives positions with immediate effect.

— Binance (@binance) February 23, 2023

Binance Australia Derivatives is the official trading name of Oztures Trading Pty Ltd. The relationship with Binance is that its local branch in Australia is an authorized corporate representative of Oztures.

Related: Australian regulator raised concerns about FTX months before collapse: report

Its official overview published in July 2022 clearly states that derivative products are only offered to Australian wholesale customers.

Nonetheless, users with an Australia-based user responded to Binance’s post on Twitter assert that they could no longer stake their cryptos due to regional issues. Another claimed that flexible earning is no longer possible accessible in Australia, whereupon Binance’s support team responded to investigate the issue.

In early February, Australia beefed up its crypto space watchdogs as part of its “layered” anti-fraud plan.

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