Asian Tech Press (Sep 23) -- Binance, the world's largest cryptocurrency exchange, announced Tuesday that it will end its futures and other derivatives offerings to Australian cryptocurrency traders by the end of the year.

In Tuesday's announcement, Binance said to comply with local regulations, it will stop futures, options and leveraged tokens from 9:00 am, Sep 24, 24, and give existing Australian user 90 days "to reduce and close their positions for these products."

In addition, according to CoinDesk's report, Binance Australia said that as part of its "compliance efforts," the exchange has updated its security requirements for local residents who wish to access cryptocurrencies on the platform.

Under the new requirements, all new users must complete a verification process in order to access its products and services. Users who have not yet been verified will have their accounts restricted to "withdrawals only," meaning services will be limited to withdrawals and order cancellations.