Hi Petra,
Binance has a big problem on their hands because of their lack of initiative of realising the regulatory environment that's increasingly hostile toward crypto assets. As the biggest player in the retail space they get the most scrutiny and given their rapid growth they have really missed out on making changes that appease out politicians. If you look for instance at FTX, they implemented a reduction in leverage and Binance followed suit with an announcement, then they enforced more KYC compliant registration and limited non KYC account from withdrawing large amounts of crypto. Now the latest initiative of closing all derivatives trading for new HK registered account and stopping all existing futures accounts within 90 days is also a direct response to the draconian measures that FTX took in response to the HK government consultation paper. Nothing has been written into law but it appears that HK is only allowing "professional traders" to trade crypto derivates. Its a major insult as I pointed out numerous times in previous posts and smells of this nasty collusion between banks and the HK administration. To make a long story short crypto exchanges around the globe will get under more scrutiny as ever. I would not recommend opening an account with Binance anymore but instead find a reputable exchange with more regulatory foresight. FTX seems to be the best in class for non US folks but they made it difficult being based in Hong Kong. I guess if you just hodl Binance is fine but not if you want to trade. If your new I would look at other exchanges as of now. But its not going to get easier. which till begs the questions WTF is happening in HK.? why are they suddenly so keen on regulating Crypto? Maybe the answer lies across our Northern border?