Popular crypto exchange Binance informed its UK customers on Tuesday that it will restrict their access to the exchange’s crypto derivatives in order to comply with UK regulations, crypto media outlet Coindesk reported Wednesday.
The notice was sent directly to UK users, who said they needed to provide additional information in order to access certain products. Some of the products Binance included in the notice were futures, margin, leveraged tokens, options, and Binance EARN – Dual Investment.
Users who have registered before December 14 will be required to submit the required information by February 14, 2022. As per the notice, the required information will determine whether a particular user is eligible to access its derivatives products under local laws. Meanwhile, access to derivatives will be automatically restricted if no information is submitted.
Binance faced major backlash from the UK Financial Conduct Authority (FCA) in June for selling its derivatives products. FCA previously announced a ban on certain derivatives and exchange-traded notes (ETN) backed by crypto assets earlier this year.