Crypto Exchange Binance Confirms Margin Trading Coming ‘Soon’: Report
Binance has confirmed it will be launching a margin trading service, after the cryptocurrency exchange accidentally tweeted images suggesting the service was in development.
First noticed by Twitter users earlier on Friday, Binance posted screenshots of its platform in dark and light modes, asking users which one they preferred.
The screenshots contained a dedicated tab titled “Margin,” with a message saying that margin trading carries a “higher potential profit,” but also “greater risks.” Margin trading refers to using borrowed funds from a broker or exchange to trade an asset.
Image via Binance (highlight by CoinDesk)
TechCrunch reported Friday that Binance seems to have already launched the service in beta among “selected users.” A Binance representative also confirmed to the news source that margin trading will be available on Binance.com “soon.”
Other cryptocurrency exchanges, including Kraken, Coinbase’s GDAX, OKCoin, Huobi and Poloniex already offer margin trading services.
The margin offering comes as the latest service to be developed by Binance, currently the world’s second largest cryptocurrency exchange by adjusted volume on data site CoinMarketCap, in recent months.
The exchange has been adding new features and services as part of its plans for expansion. It most recently launched a decentralized exchange called Binance DEX, set up a fiat-to-crypto exchange in Singapore and unveiled a new platform in Australia that allows users to buy bitcoin with cash from newsagents.
Binance has also been ramping up its regulatory compliance efforts, having collaborated with several security and analytics startups including Chainalysis, Elliptic and IdentityMind.
Further, the firm seems to have shrugged off the loss over $40 million in bitcoin through a hack earlier this month. Thanks to its “Secure Asset Fund for Users,” customers have not been impacted by the breach, according to Binance.
Following the hack, the exchange made a number of security upgrades and resumed full services a week later.
Binance image via Shutterstock
via https://www.ohnocrypto.com/ Yogita Khatri, Khareem Sudlow