Cryptocurrency exchange Binance halts new Hong Kong futures accounts

Binance Holdings Ltd. will no longer allow users from Hong Kong to open new futures accounts.

The largest crypto exchange by reported turnover said in a Twitter post that the move is effective immediately.

“We will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in-line with our commitment to compliance,” Binance said in a post on its website.

With immediate effect, users from Hong Kong cannot open new futures accounts on Binance.

As a market leader, #Binance is the first major crypto exchange to proactively take this action.