Binance released an announcement in which it revealed that it will cease to offer crypto margin trading with GBP, EUR, and AUD. Moreover, the exchange will also reduce the maximum leverage it offers for futures trading. From now one this leverage is 1:20, from 1:125.
Changpeng Zhao – Binance CEO – revealed on Sunday via Tweeter that these new limitations will be put into action from July 19 for new users. The announcement also claimed that excising users will now have to abide by these new rules as well.
The new leverage limits come only after a day from Binance’s rival FTX announcing similar change of terms.
As part of the crypto margin trading restriction, the global exchange will be will cease the ability for users to borrow an array of pairs that include the aforementioned fiats. This will take effect on August 12th, when all pending orders will be canceled in order to remove the assets pairs from the listing.
Binance launched margin trading as well as futures trading features all the way back in July of 2019. However, Binance is most known as the largest crypto exchange in the word.
These changes come at volatile times for the crypto exchange. Binance has been under everyone’s radar after being target by a number of global regulators, all claiming the company to be offering unlicensed services.