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Finance

Binance Ends Various Offerings to Clients in South Africa

Clients in South Africa are no longer able to open new accounts for futures, options, margins or leveraged tokens.

By Jamie Crawley
AccessTimeIconOct 8, 2021 at 9:35 a.m. UTC
Updated May 11, 2023 at 6:01 p.m. UTC
Cape Town, South Africa
Cape Town, South Africa

Binance, the world’s largest cryptocurrency exchange, took another step in refining its product offerings in different markets around the world, this time in South Africa.

  • Clients in the country are no longer able to open new accounts for futures, options, margins or leveraged tokens, Binance announced Friday.
  • Users have 90 days to close existing positions, with all remaining open positions automatically closed on Jan. 6, 2022.
  • The move continues Binance’s withdrawal of such services from various markets around the world in response to intense regulatory pressures earlier this year.
  • The exchange ended its derivatives offering to Australian crypto traders last month.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter
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    BinanceSouth Africa