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World’s Largest Crypto Exchange Binance to restrict products in NZ market

Binance news

The world’s largest crypto exchange by volume will cull multiple products for kiwi crytpo investors by September 14.

In a statement issued on 10 August, Binance said the move was a result of full investigation of the New Zealand crypto trading environment:

Binance constantly reviews its product offerings and activities, against user demand, evolving regulatory requirements and future opportunities, to determine changes and improvements.

As part of that process the company said it will restrict the following product offerings for users from New Zealand:

  • Futures
  • Options
  • Leveraged Tokens
  • Dual Investment
  • Liquidity Farming
  • Swap Farming
  • DeFi Staking
  • BNB Vault
  • Binance Pool

Effective from 15 August, Kiwis will have 30 days ‘to redeem, reduce and close any existing positions you may have in these products, with the exception of Dual Investment where existing positions will remain until their respective expiries.’ The cut-off date is 14 September.

Binance is the world’s largest crypto exchange by volume, with about US$24 billion trading volume being traded every day. The next largest is DeepCoin with US$8 billion.

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3 COMMENTS

  1. Crypto is a scam, people were not investing because of value in the product, they were investing to grow wealth, there is no product.

    Name one crypto product that actually does something useful in real life, hypotheticals and marketing material don’t count.

    Wall street et el pumped crypto after the pandemic then dumped it and left retail holding the bag. It was always a scam to take money from retail.

    As soon as we are forced to convert fiat currency to a CDC, all other cryptos will be banned and will drop to zero.

    Crypto was a prototype for a CDC which can be turned on and off at the whim of those with the power to do so. When you control the ability of a currency to be traded at the retail level, you have complete control of the population who cannot produce the basic needs of their own existence. You cannot pay your mortgage if your personal currency is turned off because of your political views.

    Controlling the production and sale of food is the only other thing you need to do.

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