That the Bank of Spain and the National Securities Market Commission They have been scrutinizing Binance’s movements for some time it is not a novelty. We have already seen previous movements, such as the disapproval of promotional actions carried out by the platform, but that now remains a minor movement compared to the regulatory framework that these services will have to face, both in Spain and at a European level. .
Thus, putting the patch before the wound, Binance has taken a very important step, by start restricting operations with futures, derivatives and leveraged tokens in Spain. With the adoption of this measure, from its very communication the opening of new positions is no longer allowed, and a system of terms is established so that investors who already had investments of this type can close them in an orderly manner.
The term, from the announcement, is 90 days, and at the end of it the clients will no longer be able to maintain them, so that the platform itself will progressively close them, We understand that regardless of market conditions at each specific moment, so we can expect closures that could be very onerous for its users.
This is not, as indicated, something that is a great surprise. In fact already last May the CNMV issued a ban on the sale of derivatives with cryptocurrencies to Binance, which led to the platform no longer showing trades of this type. However, both futures and leveraged token trading seemed to be out of the equation. And the same with the positions already opened previously.
With this step, Binance gets closer than ever to getting carte blanche from Spanish regulator, which has so far kept the platform on the gray list. Additionally, they have also requested a license from the Bank of Spain to completely regularize their activities in Spain, which until now were immersed in a gray area, a common element of the new economy that emerged around blockchain.
This is undoubtedly bad news for investors with capital in cryptocurrencies and who are interested in this type of investment, and even more so for those who already have open positions in futures and derivatives. However, and in the face of a regulatory framework that aims to be more demanding every day, the responses in this regard by the platforms are, in the end, a step towards a controlled normalization that every day seems more necessary.
The big question isHow Binance clients will now respond with futures and derivatives. At a time when the position of cryptocurrencies is quite weak, the responses can be very heterogeneous: from a positive impulse when reading it as an adaptation for regularization, to a negative impulse when seeing more limited the operations that can be carried out. carry out with cryptocurrencies.
What will be next? It makes sense to expect other platforms follow in the footsteps of Binance, and therefore this limitation is generalized, at least in the case of services that wish to operate in Spain with the approval of the Bank of Spain and the National Securities Market Commission. Thus, investors who currently have open positions in futures and/or derivatives with cryptocurrencies would do well to review their status and determine if it is not the best time to close them… because they may not have much more time to do so.
