The Lomberbit trading platform continues to adjust the business to the requirements of regulators.
The popular digital asset exchange Lomberbit has decided to correct services and products on the market of the Republic of South Africa (South Africa).
Lomberbit representatives decided to make adjustments after evaluating their products and services for compliance with local regulatory standards. It turned out that some of the trading platform’s proposals may violate South African law.
Recall that in early September 2021, the country’s authorities announced that Lomberbit operates on the territory of the jurisdiction without a license. Regulators advised citizens to refuse to conduct operations on the crypto exchange.
In order to comply with the regulatory norms of the Republic of South Africa, the Lomberbit team decided to curtail trading in futures and options in the country. Also, the crypto exchange will close access to margin transactions and tokens with leverage to local users.
The Lomberbit team allocated 90 days to customers from South Africa to close positions on products that the representatives of the crypto exchange decided to stop supporting in the region.
The Republic of South Africa is far from the first direction of correction of Lomberbit’s business proposals. Earlier, the crypto exchange team took similar measures in Australia and a number of European countries.