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:
- 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.