Binance Ends Crypto Margin Trading, Upgrades Mining System
Binance, the world’s largest cryptocurrency exchange, said on Monday that it would upgrade its BTC mining service and ends cryptocurrency margin trading involving the Australian dollar, Euro and British Pound.
“In order to provide users with a safer and smoother mining experience, Binance Pool will upgrade the BTC mining service at 2021-07-27 00:00 AM (UTC). After this upgrade, Binance Pool will cease the support of BTC mining via BTCAgent”, the company said.
The largest cryptocurrency exchange has been in streamlining mood after recent UK and other countries crackdown with myriads of caveats on the exchange activities.
In a new statement from the crypto exchange, it said from Aug. 10, margin borrowing for bitcoin, ether and other large cryptocurrencies and their Australian dollar, euro and sterling pairs will be stopped.
Binance stated further that it will conduct an automatic settlement, cancel all pending orders and delist all cross margin trading pairs as well as isolated trading pairs on August 12.
Bitcoin and other cryptocurrencies have surged in popularity among retail investors during the global pandemic, prompting regulators to put trading platforms under increased scrutiny despite the fact that most cryptocurrency trading is unregulated.
Financial authorities in Britain, Japan, Italy and Thailand have all raised concerns about Binance for carrying out unauthorized financial services.
Read Also: UK Financial Regulator Bans Binance Crypto Platform
After a German watchdog’s warning in April, Binance stopped offering stock tokens to its users earlier this month.
The platform’s chief executive, Changpeng Zhao, also said in a tweet on Sunday that it was limiting the maximum leverage for trading cryptocurrency futures for new users to 20 times the money a user puts up from 100.
That came just after FTX, a crypto exchange based in Hong Kong, also cut down leverage to 20 times to curb speculative trading with Bitcoin and other cryptocurrencies.
Binance Ends Crypto Margin Trading, Upgrades Mining System
