{"id":555768,"date":"2023-02-23T16:09:52","date_gmt":"2023-02-23T13:09:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-australia-derivatives-reportedly-closes-accounts-and-positions-for-some-users\/"},"modified":"2023-02-23T16:09:52","modified_gmt":"2023-02-23T13:09:52","slug":"binance-australia-derivatives-reportedly-closes-accounts-and-positions-for-some-users","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-australia-derivatives-reportedly-closes-accounts-and-positions-for-some-users\/","title":{"rendered":"# Binance Australia Derivatives reportedly closes accounts and positions for some users"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a346038bcbeb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a346038bcbeb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-australia-derivatives-reportedly-closes-accounts-and-positions-for-some-users\/#%E2%80%9D_Binance_Australia_Derivatives_reportedly_closes_accounts_and_positions_for_some_users_%E2%80%9C\" >&#8221; Binance Australia Derivatives reportedly closes accounts and positions for some users &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_Australia_Derivatives_reportedly_closes_accounts_and_positions_for_some_users_%E2%80%9C\"><\/span>&#8221; Binance Australia Derivatives reportedly closes accounts and positions for some users &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvZTY5ZDc3MjMtY2MzOS00YzJkLTlkZjAtNDZkZDAzY2Y1YTZlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Binance Australia Derivatives users reported abrupt notifications sent by the digital asset platform\u00a0on Feb. 23, saying it is starting to close certain derivatives positions and accounts.\u00a0<\/p>\n<p>According to screenshots posted by various users on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, users who did not meet the requirements to be a \u201cwholesale investor\u201d were told all of their positions would be closed, and they would no longer be able to access the Binance Australia Derivatives platform. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Binance closed derivative positions for many Australian users abruptly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Australia?src=hash&amp;ref_src=twsrc%5Etfw\">#Australia<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/binance?src=hash&amp;ref_src=twsrc%5Etfw\">#binance<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4t1gL08oK6\">pic.twitter.com\/4t1gL08oK6<\/a><\/p>\n<p>\u2014 Moidul Islam (@Mi_moidulislam1) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Mi_moidulislam1\/status\/1628737685442658305?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Users were informed that to continue using Binance Australia Derivatives platform, they must submit the necessary evidence to meet the requirements to be classified as a \u201cwholesale investor.\u201d\u00a0<\/p>\n<p>The notification continued to say that Binance Australia Derivatives is working on a remediation and compensation plan for users to whom it owes any refunds in light of the update.<\/p>\n<p class=\"post-content__disclaimer\">\n<p>It then said the actions that followed were in line with local regulations in Australia; therefore, the users were immediately contacted and the affected accounts closed.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Our team identified a small number of Australian users who were incorrectly classed as \u2018Wholesale Investors\u2019 on Binance.<\/p>\n<p>As per Australian regulation, we were required to inform these users and close any of their own derivative positions with immediate effect.<\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1628741761425379329?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Binance Australia Derivatives is the official trading name of Oztures Trading Pty Ltd. The relation to Binance is that its local Australia branch is a corporate authorized representative of Oztures.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Aussie regulator flagged concerns about FTX months before collapse: Report<\/em><\/strong><\/p>\n<p>In its official <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en-AU\/blog\/all\/an-overview-of-binance-australia-derivatives-product-1620236549532256851\">overview<\/a> published in July of 2022, it clearly states that derivatives products are offered for Australian wholesale clients only.<\/p>\n<p>Nonetheless, users responded to Binance\u2019s post on Twitter, with one Australia-based user claiming that they could no longer stake their crypto due to regional issues. Another claimed that flexible earn was no longer available in Australia, to which the Binance support team responded to look into the issue. <\/p>\n<p>Earlier in February, Australia bolstered its watchdogs for the crypto space as a part of its \u201cmulti-stage\u201d plan to fight scams. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-australia-derivatives-reportedly-closes-accounts-and-positions-for-some-users\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance Australia Derivatives reportedly closes accounts and positions for some users &#8220; Binance Australia Derivatives users reported abrupt notifications sent by the digital asset platform\u00a0on Feb. 23, saying it is starting to close certain derivatives positions and accounts.\u00a0 According to screenshots posted by various users on Twitter, users who did not meet the requirements&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/e69d7723-cc39-4c2d-9df0-46dd03cf5a6e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74860,75012,20358,117],"class_list":["post-555768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrency-exchange","tag-derivatives","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555768"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555769"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}