Chainlink (LINK) price feeds are now live on Avalanche
exchanges Regulation

Binance cuts AUD, EUR, GBP trading pairs among regulatory crackdowns

Crypto Binance exchange has announced that it is listing margin trading pairs for three fiat currencies, namely Australian dollar (AUD), Euro (EUR), and British pound sterling (GBP).

Amid growing regulatory pressure, the world’s largest crypto trading platform in terms of volume continues to restrict its trading services.

Margin trading

Binance Margin will show AUD, EUR, and GBP cross and remote pairs, according to the official announcement.

Binance Edge with Delist $ AUD, $ EUR & $ GBP Pairshttps: //t.co/gyBP8XzITI

– Binance (@binance) July 26, 2021

As of August 10, the exchange will suspend quoted fiat trading pairs and, as of August 12, will switch to automatic settlement and cancel all pending related orders.

About two years ago the exchange introduced crypto margin trading, enabling cryptocurrencies to be traded by borrowing funds, while at the same time allowing traders to access more capital to leverage their positions.

According to the exchange’s warning, there is “significant risk and the potential for significant profits and losses.”

“Previous gains do not reflect future returns,” the statement reads, referring to the possibility that a person’s margin balance may be liquidated in the event of a very large price movement. ”

He was recently blocked

Following the announcement that the exchange would not allow its users to trade their innovative equity offerings, Binance also decided to ease leverage trading, reducing the maximum leverage positions for new users from 125x to 20x on Binance futures.

.@binance futures began limiting new users to a maximum leverage of 20x last Monday, July 19, 7 days ago. (We didn’t want to do this thing).

In the interests of Consumer Protection, we will gradually roll this out to existing users over the next few weeks.

Fan #SAFU. 🙏

– CZ 🔶 Binance (@cz_binance) July 26, 2021

“We did not want to make this a reality,” Binance founder and CEO Changpeng Zhao said in a tweet, adding that the exchange will progressively implement the new leverage limitation in the next few weeks.

Binance has been a regulatory concern in a number of countries, including the United States, Japan, the United Kingdom and the Cayman Islands but as global scrutiny has grown the platform’s focus has been on compliance.

Get an edge in the cryptoasset market

Access more crypto insights and context in all articles as a paid member of CryptoSlate Edge.

Chain analysis

Price snaps

More context

Join now for $ 19 / month Explore all benefits

Like what you see? Subscribe for updates.

Leave a Reply

Your email address will not be published. Required fields are marked *