According to media reports, Binance announced restricting Hong Kong users from using its derivatives products.

Binance issued an announcement stating that with immediate effect, Hong Kong users will not be able to open new derivatives accounts with Binance. In addition, from a date to be announced at a later notice, Hong Kong users will have a grace period of 90 days to close their open positions. During the grace period, no other positions may be opened. The restrictions include all futures, options, margin products, and leveraged tokens.

The CEO said, "New users of Binance Hong Kong can no longer open futures accounts and will thus gradually reduce access to existing users."

Recently Binance has continued to face regulatory challenges in several countries. It is reportedly discontinuing high-risk services to keep business flowing. Most recently, the crypto exchange announced the suspension of European derivatives trading.