Binance moves to close crypto derivatives offer in Europe

by: Dynasty GI2021-07-31
The troubled crypto exchange Binance has announced the suspension of derivatives trading in Europe, beginning with operations in Germany, the Netherlands and Italy.
Binance has been at the centre of a regulatory crackdown by financial authorities, especially in Europe. Earlier in July, the Italian regulator stated that Binance was not authorised to offer investment services and operate. Similar warnings have been issued in other countries.

The exchange has been trying to regain momentum by announcing a series of changes to its operations, reaffirming its commitment to work with regulators. So far, their actions have included removing some services, curbing leverage limits and cutting the daily withdrawal limits from 2 to 0.06 bitcoin from this month for unverified users of the exchange.
"“Binance’s moves to meet regulators’ concerns are important to increase trust in crypto assets and dispel the perception that digital financial products are an easy prey to criminal activities”, commented Paulo Ramenzoni, the CFO at Dynasty Global Investments AG. “At Dynasty, we started from day one adopting market-leading anti-money laundering (AML) and client identification (KYC) standards to mitigate against the risk of attempts to misuse our D¥NS cryptocurrency”, Ramenzoni added."


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