Binance Australia Derivatives reportedly closes accounts and positions for some users

Binance Australia Derivatives users reported abrupt notifications sent by the digital asset platform on Feb. 23,  saying it is starting to close certain derivatives positions and accounts. 

According to screenshots posted by various users on Twitter, users who did not meet the requirements to be a “wholesale investor” were told all of their positions would be closed, and they would no longer be able to access the Binance Australia Derivatives Platform.

Binance closed derivative positions for many Australian users abruptly #Australia #binance pic.twitter.com/4t1gL08oK6

Users were informed that to continue using Binance Australia’s derivatives platform, they must submit the necessary evidence to meet the requirements to be classified as a “wholesale investor.” 

The notification continued to say that Binance Australia Derivatives is working on a remediation and compensation plan for users to whom it owes any refunds in light of the update.  

This is a developing story, and further information will be added as it becomes available.