A recent announcement has been made from the Binance crypto exchange platform concerning the ceasing of the margin trading for currencies like the Euro, Australian Dollar and Sterling. The news came just a few hours later of a tweet made by Binance CEO, Changpeng Zhao about the reduction in the maximum leverage users, concerning their trades within futures contracts.
The platform is ready to bring an end to its crypto margin trading that is related to Euro, Sterling and Australian dollar. It is in response to looking for a way to prevent the extensive regulatory repercussions concerning some of the services provided by the leading crypto exchange platform.
What Does The Ceasing Would Include?
The margin trading is going to end from 10th August. On the said date, the company will stop the borrowing concerning EUR, GBP and EUD pairs with prominent crypto tokens like Bitcoin, Ether, Binance Coin. This announcement was made on Monday, 26th July 2021. Some of the other aspects of the announcement include,
- The largest cryptocurrency platform will pursue automated settlement along with the cancellation of pending orders delisting of pairs by 12th August 2021.
- In the previous tweet, the CEO reflected that the company is going to minimise the maximum leverage users to opt for trade futures contracts from 100x to 20x as taking the inspiration from FTX.
- The platform has been targeted by several denouncements along with warnings made by financial regulators across the world in the past few weeks. These warnings have come from Italy, UK, Japan and Thailand.
- Previously, Binance said that they will end the assistance concerning its stock market token, which has been distressed by various financial authorities.
