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Binance Coin [BNB] rises as Binance unveils new look for its margin trading service

Priya

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Binance Coin [BNB] rises as Binance unveils the new look for its margin trading service
Source: Unsplash

Binance, one of the largest cryptocurrency exchanges in the world, continued to make progress in the market despite falling victim to a security breach a few days ago. Changpeng Zhao, the co-founder and CEO of Binance, revealed that the exchange’s order volumes were much higher than the volume during Bitcoin’s peak at the end of 2017 and beginning of 2018.

With all the positive news surrounding the platform, the exchange unveiled a new interface, with margin trading being the highlight. The exchange announced on Twitter,

To this, ICO Drops stated on Twitter,

Rumors of Binance providing margin trading service had been circulating in the space months prior to any official confirmation. Earlier this month, a Redditor, Lifofifo pointed out that the exchange platform had enabled margin trading flag on its API for top cryptocurrencies.

Post this, CZ confirmed that the exchange would be rolling out margin trading service and that they were working on a marketing system that would be launched “very very soon”. Based on a previous report, the exchange would roll out this service for Bitcoin, Binance Coin, Ethereum, Tron, and XRP, paired with Bitcoin and Tether.

Margin Trading enables users to trade cryptocurrency with borrowed money/ leverage. The notice on Binance’s interface stated,

“Margin trading confers a higher profit potential than traditional trading, but also greater risks. Please be aware that in the event of extreme market volatility, there is even a risk that your assets may be liquidated.”

Meanwhile, the platform’s token, Binance Coin [BNB] surpassed its all-time high record again. According to CoinMarketCap, at press time, Binance Coin was trading at $33.46, with a market cap of $4.724 billion. The trading volume of the cryptocurrency was reported to be around $582 million and the coin witnessed a significant rise of 34.65 percent over the past seven days.

Binance Coin chart | Source: Trading View

Binance Coin chart | Source: Trading View





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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