Further announcement from Binance Global reveals that it has halted its crypto trading and services arms for the customers based in Hong Kong. The decision is the replication of what Binance Global has already done with a few more countries of the world including the Netherlands, Italy, and Germany, where the firm was subjected to regulatory concerns by national regulators. With the complete suspension of offering any services in Hong Kong, Binance has warned Hong Kong-based customers to take out their funds immediately. They have been further asked to end their trade positions before the end of 3 months period.
There is literally nothing that is going in favor of Binance but instead, it looks as if Binance too wants to self-destruct.
Certainly, Binance Global is massively under pressure because regulators are going after its branches in their respective countries. However, according to Binance Global’s CEO, due to paucity of time, they are unable to fulfill what the regulators have been asking. In addition, the firm’s requests of needing further time to meet the requirements, have been turned down by the regulators. This has resultantly lowered Binance Global’s position amongst the leading crypto trading platforms. Similarly, the firm has been losing businesses from multiple ends.
A few days ago, Binance Global had decided to suspend lending of services by its branch offices in a few countries. For instance, Binance Global directed its branches offices in Netherlands, Italy, and Germany to immediately stop rendering any services. Resultantly, the customers from these countries were notified that they wouldn’t be able to access their respective Binance office’s services.
Now on the 6th of August, 2021, the company has extended its suspension of trade initiative yet in another country. This time, the suspension has been made effective immediately for the customers based in Hong Kong. The suspension came rightly after when HSBC Hong Kong denied its customers the right to engage with Binance Hong Kong. As a counter-strategy, Binance Hong Kong has implemented suspension of services for the customers therein three days after HSBC’s decision.
A public notice has been published on the official website of Binance Hong Kong. The notice apprises Hong Kong-based customers that they cannot obtain the services of Binance Hong Kong any further. They have been clarified that none of the crypto trade products of Binance will be available to them. In fact, they have been directed to immediately withdraw their funds.
As regards the locked trade positions, the customers of Hong Kong have been notified to either conclude or end their locked positions. For this purpose, 90 days period has been extended to these customers within which they have to either end or conclude their positions. Within this 90 days period also, no further orders will be taken from the customers living in Hong Kong, clarified Binance Global.