Binance, in One-Two Punch to Rival Exchanges, Readies Margin Trading
By CCN: Cryptocurrency exchange Binance has given followers a peek into its margin trading screen, and its native cryptocurrency BNB surged as much as 10% in response. Speculation about Binance’s expansion into margin trading has been swirling for a while.
True to the company’s style, they took to Twitter to reveal a screenshot of the upcoming margin trading user interface, posing the question to followers: “Dark mode or Light mode?” According to a report in TechCrunch, the new feature will be rolled out “soon.” With the screenshot comes a warning that while margin trading can deliver “higher profits,” there are also “greater risks.”
Dark mode 🌚 or Light mode 🌝? #Binance pic.twitter.com/pGSb1np4yp
— Binance (@binance) May 24, 2019
Investors Celebrate Binance Coin (BNB)
That’s the beauty of being a decentralized company. You can tease major announcements like this without any regulatory backlash because BNB is a utility token and not a security.
Binance Coin (BNB) soared roughly 10% on the heels of the development while the broader crypto market also trades in the green. The seventh-biggest cryptocurrency by market cap has shown resilience to the exchange’s $40 million bitcoin hack and is trading at a fresh high of more than $30.
BNB is trading at a fresh high in 2019. | Source: CoinMarketCap
Until now, Arthur Hayes’ BitMEX has been ruling the roost on bitcoin margin trading. Earlier this month, Hayes tweeted that the exchange set a record with trading volume of $10.03 billion over a 24-hour period, thanking both volatility and “wonderful traders.” Not to be outdone, Binance CEO Changpeng Zhao is looking to capture some of that market share.
