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The Spanish securities regulator CNMV, is increasingly putting pressure on cryptocurrency exchanges in the country that offer derivatives trading in the country.
The world’s biggest exchange by trading volume, Binance, has been mandated by the regulator to let go of its offering of cryptocurrency-related derivatives, such as futures contracts. This according to local media reports.
Following the request, Binance has withdrawn its derivatives offerings for Spanish users, who are unable to open new positions, with existing contracts remaining.
The Spanish regulator warned of derivatives last year, which can cause investors to lose much more than what they initially invested. Its latest mandate is issued therefore for investor protection.
Binance has been in talks with the CNMV to get approval from the Bank of Spain to get the greenlight to operate in the country. It is currently still operating in a grey area, while other exchanges such a Bit2me recently received official approval in Spain.