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Binance to Cease Crypto Margin Trading on Sterling, Euro, Australian Dollar
The announcement comes hours after CEO Changpeng Zhao tweeted that Binance was reducing the maximum leverage users can use to trade futures contracts.
Updated Sep 14, 2021, 1:30 p.m. Published Jul 26, 2021, 10:54 a.m.
Binance is set to stop its crypto margin trading involving sterling, the euro and Australian dollar, as the world's large cryptocurrency exchange seeks to stave off a widespread regulatory backlash against some of its services.
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- Starting Aug. 10, Binance Margin will suspend borrowing for its GBP, EUR and AUD pairs and major cryptocurrencies including bitcoin, ether and Binance coin, an announcement Monday said.
- Binance will conduct automatic settlement, cancel pending orders and delist all affected pairs by Aug. 12.
- The announcement comes only 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 lead of fellow exchange FTX.
- Binance has been the target of a string of warnings and denouncements from financial regulators the world over in recent weeks, including those of the U.K., Japan, Italy and Thailand.
- Less than a fortnight ago, the exchange said it was ending support for its stock market token offering that had drawn consternation from several financial watchdogs.
Read more: Kraken to No Longer Offer Margin Trading for US Investors Who Don’t Meet ‘Certain’ Requirements
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