The largest cryptocurrency exchange in the world, Binance, has officially launched a margin trading platform which allows users to use 3x leverage on BTC trades. The headline is all over the latest cryptocurrency news and the Binance 2.0 platform is described as something revolutionary in the crypto community.
After the strong demand from traders, the Binance 2.0 margin trading platform was introduced as a way to allow users leverage their trades across six digital assets including Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), XRP, Tether (USDT), and Tron (TRX).
#Binance Launches Margin Trading service for Evolving Cryptocurrency Traders
— Binance (@binance) July 11, 2019
The new margin trading functionality will allow Binance users to amplify their trades by borrowing funds.
As explained before in our altcoin news, if you trade $1,000 with 2x leverage, you are effectively trading with $2,000. In that way, the margin trading platform by Binance lets you leverage your gains where the risk is higher and the downside is also amplified.
The move also expands Binance’s dominance in the crypto exchange arena, pitching it as a direct competitor to platforms such as BitMEX which offers 100x leverage on Bitcoin derivatives. In a recent blog post, the CEO of Binance Changpeng Zhao said:
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”
As we hinted, the margin trading platform is part of Binance 2.0 – a major upgrade from the existing system that comes with an optimized interface and an advanced trading engine for better order matching.
The co-founder of Binance, Yi He, recently acknowledged the dangers of margin trading. However, he also promised that sufficient risk management will be properly set up, stating:
“We are confident that its development coupled with more knowledge on proper risk management will help realize greater benefits in the long run… With margin trading being one of the most requested services from our community, this is a testament to the large market demand from retail and institutional traders alike and its promising possibilities in the future.”
As the coming altcoin news show, Binance is also working on a futures trading platform with 20x leverage.
Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists
- Open Markets Institute, a think tank that opposes corporate monopolies
- Public Citizen, a left-wing consumer-rights organization
- Demand Progress Education Fund, an internet activist group
- Revolving Door Project, an anti-Trump Democratic consortium
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
Bank Of Thailand Is Open To Discussions With Libra
“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time.”The Bank of Thailand governor also said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As we reported in our latest cryptocurrency news not a long ago, Libra will likely run up against difficulties entering Thailand mainly because of the local financial legislation which currently exists - and how Libra is seen through that perspective. Aside from the Bank of Thailand, a lot of institutions are ready for Facebook's stablecoin Libra and are apparently accepting it well. The same goes with countries and people - all of which are eager for the release of the Libra stablecoin. For now, the Bank of Thailand governor is not the only one who speaks with concerns over Libra. Facebook's cryptocurrency was also a major topic in the US Senate and our coming altcoin news for its regulation, potential threat to the dollar and the economy in general. In other news, the cryptocurrency market seems to have stabilized and gained a couple of billions. The total valuation now is $291 billion and the 24 hour trading volume is at $62 billion.
Activist Groups Are Urging 27 Libra Partners To Ditch The Project
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
Join us on Facebook
- FINRA Prolongs Deadline For Companies To Report Crypto Activity
- Bakkt’s Moonshot Futures Program To Start Testing Today
- Robinhood App To Launch A Cash Management Account Soon
- Etoro CEO Yoni Assia Will Join The $4.5 Million Lunch With Warren Buffett
- Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News5 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Regulation4 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Regulation4 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News4 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Press Releases5 days ago
Sorry Mr President, cryptocurrency has a bright future
Bitcoin News16 hours ago
Big BTC Price Boom Will Bring To Consolidation: Market Experts
Bitcoin News2 days ago
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
Altcoin News4 days ago
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors