Binance Australia unilaterally closes users’ potential positions and accounts
NewsOn the evening of February 23, the crypto neighborhood on Twitter was abuzz with information that Binance had abruptly stopped delivering futures providers to s...
On the evening of February 23, the crypto neighborhood on Twitter was abuzz with information that Binance had abruptly stopped delivering futures providers to some Australian end users.
According to lots of Twitter end users, Binance Australia has sent an alert to shut the derivatives trading account with quick result and liquidate all open orders.
Announcement screenshot displaying that Binance Australia has determined to shut potential positions and users’ accounts. The exchange mentioned these wishing to reopen a futures account will have to offer new data to demonstrate they are a expert investor underneath Australian rules. In addition, other functions this kind of as purchasing and marketing cryptocurrencies on Binance Australia can even now be applied ordinarily.
Holy fk binance just liquidated all AU perp positions
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA pic.twitter.com/ayV3GmzwRb— illiquidity supplier (@skyquake_one) February 23, 2023
It is really worth mentioning that in accordance to consumer suggestions, the notification is sent in a rather late time frame, among 22:00 and 23:00 neighborhood time, which usually means that traders who go to bed early will not be there. Not to mention that the result of the notification is quick, rendering lots of individuals incapable of reacting and staying liquidated.
A portion of traders are expressing outrage at Binance’s sudden action.
The cryptocurrency marketplace also professional a brief-phrase dump on the evening of February 23 with a massive volume of product sales, with some theories suggesting it was a direct consequence of Binance Australia liquidating consumer orders.
In its official announcement, Binance mentioned that it found that a “small number” of Australian end users have been incorrectly classified as “Professional Investors”, and hence had to shut their accounts to stay away from breaking the law. The exchange claims to have contacted the impacted end users and compensated them for all damages.
We have by now engaged all derivatives end users and will thoroughly compensate them for their losses when trading on Binance.
— Binance (@binance) February 23, 2023
Synthetic currency68
Maybe you are interested:
More From Crypto News
Aster (ASTER) Rises 4.88% in 24 Hours: What the Data Shows
Aster (ASTER) is trading at $0.655837, up 4.88% over the past 24 hours, according to CoinGecko data as of 19:13 UTC on November 11, 2026.
Bitcoin Misses Stock Rebound as ETF Outflows Hit Day Four
Bitcoin failed to follow a broad equity rebound on November 11, trading near $73,993 while Nasdaq-100 futures climbed 1.7% after CoreWeave posted an earnings be...
OCC Clears Coinbase National Trust Company for Crypto Custody
The OCC issued its decision in CD-1370 , formally authorizing Coinbase National Trust Company to operate as a federally chartered trust bank focused on digital-...
Reported Ankr Ethereum Bridge Drain Exceeds $303,000, The Defiant Says
The Ankr Ethereum Bridge was drained of more than $303,000 in an exploit carried out across five transactions.
Binance CFO Steps Down After Reported Hack, Co-CEO Cites Planned Transition
Binance’s chief financial officer has stepped down, the exchange confirmed, with the departure landing nine days after the platform suffered what has been descr...
US Treasury Takes Action Against MEXC Over Alleged $16B in Sanctions-Linked Transactions
The Treasury press release identifies MEXC as the subject of the action and ties the exchange to transaction flows connected to three sanctioned or adversarial...
