As scrutiny mounts, crypto exchange Binance to wind down derivatives in Europe

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Biance app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

  • Binance to exit derivatives in Europe
  • Users in Germany, Netherlands, Italy immediately affected
  • Binance under concerted regulatory pressure

LONDON, July 30 (Reuters) – Major cryptocurrency exchange Binance said on Friday it would wind down its futures and derivatives business across Europe, the latest move by the platform to dial back its product range as pressure grows from regulators across the world.

Binance users in Germany, Italy and the Netherlands will be unable to open new futures or derivatives products accounts with immediate effect, the exchange said in a statement on its website.

Bitcoin and other cryptocurrencies have surged in popularity among retail investors during the global pandemic, prompting regulators to put trading platforms under increased scrutiny even though most cryptocurrency trading is unregulated.

Regulators,…

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