Amid the turmoil in the financial market, Binance's announcement of the termination of South African futures derivatives trading has caused a huge shock in the industry like a bombshell. Last month, local financial regulators issued a warning, hinting at the intensification of potential risks. Behind this series of events, it is not only Binance's strategic adjustment, but also a microcosm of the coexistence of risks and challenges in the financial market. Let us explore this topic in depth to reveal the various connotations and impacts behind it.

Binance's decision to terminate South African futures derivatives trading is undoubtedly one of the most watched focuses in the financial market. Behind this move is Binance's high vigilance against market risks and deep thinking about future development. In the field of financial derivatives trading, risks are always accompanied by opportunities. Binance's move may be to avoid potential risk exposure and avoid possible negative impacts. This prudent attitude is worth deep thought in the industry.

The warning from the local financial regulator makes people worry about the future trend of the financial market. The warning from the regulator often means that there is a certain uncertainty and risk in the market. In the financial field, supervision is an important means to maintain market order and stability, and when the regulator issues a warning, it is undoubtedly reminding all parties in the market to pay attention to possible risks and hidden dangers. Behind this warning lies the concern about the market and the prevention of risks, which deserves wide attention.

The unpredictable financial market is always full of challenges and opportunities. Binance's termination of South African futures derivatives trading may be just a microcosm of the financial market storm. In this market full of variables, grasping risks and seizing opportunities are important issues that every financial institution and investor needs to face. In the face of financial risks, prudent behavior and steady development can be invincible in the ever-changing market.

The future of the financial market is full of uncertainty, and every decision may trigger a chain reaction. Binance announced the termination of South African futures derivatives trading, and local financial regulators issued a warning that these events contain profound market connotations and risk challenges. Only by continuous learning and continuous progress can we be invincible in the tide of the financial market. May we face this financial world full of challenges and opportunities together, move forward bravely, overcome obstacles, and create a better future.

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Binance, the world's largest (), announced on the 8th that it would stop offering futures, options, margin and leveraged tokens to South African users. Binance said the reason for stopping futures and derivatives trading was that the company would continue to evaluate their products and services to comply with local regulations. The announcement stated: From now on, South African users are restricted from opening new accounts for these products. Users will have 90 days to close existing positions in these products.

Binance added that users will be able to replenish their margin balances during this 90-day period to prevent margin calls and liquidations, but will no longer be able to add or open new positions.

And after 11:59 p.m. on January 6, 2022 (UTC, equivalent to 7:59 a.m. on January 7, Beijing time), users will no longer be able to manually add or subtract positions, and all remaining open positions will also be closed.

Named by the South African Monetary Authority only last month

According to 120BTc.com, Binance was named by the Financial Sector Conduct Authority (FSCA) of South Africa in September for not being registered in South Africa, condemning Binance and calling on South Africans to be vigilant when contacting Binance. It also accused the company of not having the right to provide any financial or intermediary services or to use Telegram groups to provide trading services to South Africans.

However, Binance, which has always been soft-spoken by regulators in various countries, unexpectedly fought back for the first time, saying that the company had already registered with the South African Financial Intelligence Center (FIC) and was a voluntary self-disclosure organization, and complied with KYC, anti-money laundering and other regulations. At the same time, it implied that the FSCA intervened in the jurisdiction of other institutions: In any case, we do not recognize your authority.

Binance's compliance road is full of obstacles

Many regulators around the world have been strictly reviewing Binance, including regulators in the United Kingdom, the Netherlands, Singapore, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. US authorities are also investigating Binance for possible market manipulation and insider trading.

At the end of September, Binance announced that it would prohibit users in China from registering new accounts with mobile applications in response to the cryptocurrency ban announcement issued by the People's Bank of China on September 24.

In order to comply with the policies of the Singapore government, Binance issued an emergency announcement on September 27 that it would stop Singapore users from using certain functions on Binance.com from 04:00 am on October 26, including fiat currency deposit services, cryptocurrency spot trading, and fiat currency purchase of cryptocurrency services.

So far, Binance has announced that it will stop futures and derivatives services in Germany, the Netherlands, Italy, Australia, Hong Kong, South Africa and other places. In July this year, it announced a reduction in the leverage limit of futures contracts, with the leverage limit for new users set at a maximum of 20 times, and it will gradually apply to existing users.