Binance stops crypto margin trading against the British Pound, Australian Dollar and Euro

[ad_1]

FRANKFURT (Reuters) – Binance, the world’s largest cryptocurrency exchange, said on Monday it would stop offering cryptocurrency margin trades involving the Australian dollar, euro and British pound.

The cryptocurrency exchange’s restrictions on its services come as a series of regulators around the world have issued warnings regarding the platform and some of the services it offers.

Beginning August 10, Binance will suspend margin borrowing for bitcoin, ether and other major cryptocurrencies and their Australian dollar, euro and British pound pairs, the company said in a statement. The platform will cancel all pending orders, automatically settle any open trades and delete pairs on August 12.

Bitcoin and other cryptocurrencies gained popularity among retail investors during the global pandemic, prompting regulators to increasingly monitor trading platforms despite the fact that most crypto exchanges currency is not regulated.

Financial authorities in the UK, Japan, Italy and Thailand have all raised concerns over Binance for providing unauthorized financial services.

After a German watchdog warning in April, Binance stopped offering stock tokens to its users earlier this month.

Platform chief executive Changpeng Zhao also said in a tweet on Sunday that he was limiting the maximum leverage for trading cryptocurrency futures for new users to 20 times the money. that a user sets up from 100.

This happened just after FTX, a Hong Kong-based crypto exchange, also reduced leverage to 20 times to curb speculative trading with Bitcoin and other cryptocurrencies.

(Reporting by Krisztian Sandor; Editing by Rachel Armstrong and Anil D’Silva)

[ad_2]