Prominent exchanger Binance announced the closure of its crypto derivatives offerings in South Africa on Friday. This was yet another effort on the part of the Exchanger to comply with local regulations and thus end derivative services such as Futures, Options, Margin Trading. Closing leveraged tokens on your exchange was the initial step.
Users based in South Africa will not be able to open new accounts for the mentioned products
Binance shared more details in a blog post about it,
“Users will have 90 days to reduce and close their positions for these products. Users will be able to increase margin balances to avoid margin calls and liquidations, but will not be able to increase or open new positions. ”
It has been noted that existing users will not be able to reduce or close their positions after January 6, 2022 at 23:59 [UTC], after which all open positions will be closed by Exchanger.
This announcement came after several announcements by Exchanger terminating its services in different parts of the world. First, it had to re-evaluate and finally end its derivatives offering in Europe, followed by other countries like Australia, Hong Kong and now South Africa. from South Africa and provide varied cryptocurrency services to become financially independent.
Many countries in Africa, such as Nigeria, have taken a firm stand against cryptocurrencies this year. At the time, this caused panic among crypto users. However, Binance offered an alternative by adding the NGN FIAT / NGN pair to its peer-to-peer platform [P2P].
This allowed users to buy and sell their NGN trust balance on Binance for Nigerian Naira [NGN] using wire transfers and other payment modes. This has caused P2P volume to increase in Nigeria.
According to data provided by Usefultulips.org, the combined volume of P2P in the country was about $6 million in early January 2021. However, that figure rose to $9,32 million in September 2021.
Despite public demand for the use of cryptocurrencies like Bitcoin, the Central Bank of Nigeria has ordered the closure of user accounts associated with cryptocurrencies. In fact, it is now actively working to launch its central bank digital currency [CBDC] – eNaira.