Crucial Ideas

• Over 500 users in Australia were impacted by the closing of contract roles, according to Binance.
• This is undesirable, though, as the exchange needs to put compliance procedures in place.
• The exchange is currently getting in touch with affected users to figure out a compensation strategy.

The exchange shared on Binance’s official Twitter page that the closing of its contract positions has impacted 500 users in Australia.

“500 users were affected by this remediation, which was a necessary action to ensure we stay compliant with local laws. We serve over 120 million users globally and every user is important to us. We are in contact with the affected users to firm up our compensation plans for them.”

Although undesired, this measure is required to make sure that the market’s No. 1 exchange consistently conforms with local legislation.

According to reports from several Australian community users, who were highlighted in an earlier post, they are unable to use Earn items, demonstrating that service is not offered to their location due to legal constraints.

Another user received notifications telling him to cancel his derivatives holdings and accounts with Binance Australia right once unless he can show that he is a wholesale customer.

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The exchange informed its customers that a limited number of Australian users had been wrongly labeled on its site as “Wholesale Investors.” Binance informed these individuals and quickly closed any of their individual derivatives positions in order to adhere to Australian rules.

With over 120 million users worldwide, Binance is the market’s top cryptocurrency exchange (based on trading volume), and each and every one of them is important. In addition, this exchange has a reputation for being one of the most controlled. In order to strengthen complete compliance, Binance actively sought out and hired candidates for key roles last year.

The exchange is currently contacting the impacted individuals to discuss a compensation strategy.

After the New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing new stablecoins, Binance has been subject to ongoing legal issues involving their stablecoin BUSD.

Additionally, the SEC has declared Voyager Digital’s VGX token to be an unregistered securities, preventing Binance from purchasing Voyager Digital for $1 billion.