Binance to let crypto margin trading in GBP, EUR and AUD
Binance to let crypto margin trading in GBP, EUR and AUD By Editor DailyBitcoin Editor

The announcement comes hours after CEO Changpeng Zhao tweeted that Binance was reducing the maximum leverage users can use to trade futures

contracts.

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Binance

will stop trading crypto margin in British pounds, euros and Australian dollars. This was reported in a press release this morning by Binance itself.

Binance is set to halt its crypto margin trading involving the British pound, euro and Australian dollar, as the world’s large cryptocurrency exchange seeks to avoid a widespread regulatory backlash against some of its services.

Starting August 10, Binance Margin will suspend lending for its GBP, EUR and AUD pairs and major cryptocurrencies, including Bitcoin, Ether and Binance Coin

, according to the announcement.

Binance

will conduct an automatic settlement, cancel pending orders and delist all affected pairs by August 12.

Coindesk tells Coindesk that the announcement comes just hours after CEO Changpeng Zhao tweeted that Binance was reducing the maximum leverage users can use to trade futures contracts from 100x to 20x, following the example of the FTX

exchange.

Less than a fortnight ago, the exchange said it was ending support for its token offering on the exchange that had prompted consternation from several financial regulators.

Binance in their words

Binance’

s press release expresses:

“Binance Margin will remove cross and isolated margin pairs of AUD, EUR and GBP, with the timeline shown below:

  • On 2021-08-10 02:00 (UTC), Binance Margin will discontinue the pairs: EUR / BUSD, EUR / USDT, ETH / EUR, BTC / EUR, BCH / EUR, YFI / EUR, ETH / GBP, BTC / GBP, GBP / BUSD and GBP / USDT, and suspend EUR / BUSD, EUR / USDT, ETH / EUR, BTC / EUR, ADA / EUR, BNB / EUR, DOT / EUR, XRP / EUR, XLM / EUR, LTC / EUR, LINK / EUR, BCH / EUR, SXP / EUR, YFI / EUR, ETH / GBP, BTC / GBP, XRP / GBP, BNB / GBP, GBP / BUSD, GBP / USDT and BTC / AUD loans with isolated margin.
  • On 2021-08-12 02:00 (UTC), Binance Margin will carry out an automatic settlement, cancelingwill remove all pending orders and then remove EUR/ BUSD, EUR/ USDT, ETH/ EUR, BTC/ EUR, BCH/ EUR, YFI. / EUR, ETH / GBP, BTC / GBP, GBP / BUSD and GBP / USDT, and EUR / BUSD, EUR / USDT, ETH / EUR, BTC / EUR, ADA / EUR, BNB / EUR, DOT / EUR, XRP / EUR, XLM / EUR, LTC / EUR, LINK / EUR, BCH / EUR, SXP / EUR, YFI / EUR, ETH / GBP, BTC / GBP, XRP / GBP, BNB / GBP, GBP / BUSD, GBP / USDT isolated margin trading pairs and BTC / AUD.”

In the note, Binance itself warns that “margin trading carries substantial risk and the potential for significant gains and losses.”

Binance and regulations

It’s worth noting that over the past month, Binance has been in the crosshairs of regulatory bodies in many countries. The wave of regulatory warnings include countries as diverse as Italy, Cayman Islands, UK, Japan, Poland, Canada, Singapore, Malta, among several.

But at the same time, the company’s CEO Changpeng Zhao seems to be calm, recently making a statement expressing that Binance is committed to complying with regulations. In addition, this Friday he announced the possibility of Binance US,Binance’ s U.S. business, going public on the stock exchange.

Sources: Binance, Coindesk, CryptoPotato

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