Binance, one of the biggest exchanges in the world by volume traded, has been required to drop the offer of cryptocurrency related derivatives, like futures contracts, in Spain.
The Spanish securities regulator, the CNMV, has ordered Binance to stop offering cryptocurrency derivative products to customers in the country. According to local media, the crypto exchange giant has followed the orders of the regulator, withdrawing these products from its customers in Spain.The CNMV, which is the Spanish securities regulator, is putting more pressure on exchanges offering cryptocurrency-linked derivatives in the country.
The regulator warned last year about the danger of derivatives, stating they increase the complexity of trading operations, and also can cause investors to lose even more than the initial investment capital.Binance has reportedly withdrawn all of its derivatives offerings from its investments page for Spanish users, preventing them from opening new operations.
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