As scrutiny mounts, crypto exchange Binance to wind down derivatives in Europe

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021

LONDON: Major cryptocurrency exchange Binance said on Friday it would wind down its futures and derivatives business across Europe, the latest move by the platform to dial back its product range as pressure grows from regulators across the world.

Binance users in Germany, Italy and the Netherlands will be unable to open new futures or derivatives products accounts with immediate effect, the exchange said in a statement on its website.