Binance – the largest crypto exchange in the world by trading volume – announced that it closed derivate positions of some users, earlier today. The users affected by this move are solely based in Australia, and the Australian regulation influenced the action. In a notice put on Twitter, the crypto exchange stated that some users were incorrectly classified as “wholesale investors”.

However, as per regulation, Binance was required to terminate services to these accounts immediately and notify those affected. The exchange further said,

“We have already contacted all impacted users and will fully compensate them for their losses incurred while trading derivatives on Binance.”

(By Priya NV)

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