It has been more than a month since Binance has been facing a lot of scrutiny from the regulatory authorities from all over the world. Amid this situation, Binance has been observed discontinuing many of its cryptocurrency-related services.
Binance has been accused of providing unregistered and unauthorized services to its user’s different countries. This is the reason why the exchange has ended facing regulatory strictness and scrutiny from law enforcement authorities.
The regulatory crackdown is still ongoing on the exchange and the exchange is trying its best to lay low until the heat cools off. Now, the exchange has started restricting support for different kinds of services related to cryptocurrency trading on its platforms.
On Monday, July 26, Binance has made yet another announcement where it has dropped another bomb on its users. The exchange has announced that it has delisted the margin trading feature for three fiat currencies. As a result, pairs for three fiat currencies it has stopped trading for include GBP, AUD, and EUR.
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In the announcement, Binance has revealed that it will be proceeding with the discontinuation of the mentioned trading pairs in the month of April. According to Binance, it has confirmed that the trading pairs will be suspended b August 10, 2021.
Once the suspension takes place, all of the pending orders for the trading pairs would be canceled. Furthermore, the trades for all of the concerned trading pairs would be settled automatically once the automatic settlement is deployed.
Following the suspension of the trading pairs, Binance will proceed with the complete delisting of the said trading pairs. The firm has announced that by August 12, all mentioned trading pairs would be completely delisted.
Since the beginning of July, Binance has been delisting on several trading products. In the middle of July, Binance had announced the discontinuation of the stock tokens, which including Apple, Microsoft, MicroStrategy stocks among others.
Now, the exchange has gone ahead with the discontinuation of the margin trading pairs. According to reports, Binance is doing this to make sure that it stays out of further regulatory trouble and scrutiny. Now the firm is making aggressive efforts in order to make sure it does not come under the regulatory radar.
In addition to the restriction of the trading pairs, the exchange has also reduced the maximum limit for leverage trading. Before the regulatory scrutiny, the leverage trading offered by Binance was 125x for Futures trading. However, the firm has gone ahead with reducing the maximum leverage, which is now down to 20X.
For now, Binance is under the radar and there are high chances that the exchange may end up paying hefty fines to the regulatory authorities in several countries.