Binance Stops Cryptocurrency Margin Trading Against GBP 4u6q2l AUD, EUR

Bitcoin and other cryptocurrencies have surged in popularity among retail investors during the global pandemic. 1j1q6v

By Reuters | Updated: 27 July 2021 14:25 IST

Binance Stops Cryptocurrency Margin Trading Against GBP, AUD, EUR

Photo Credit: Reuters 3v6d2p

Binance chief executive said that it was limiting the maximum leverage for trading cryptocurrency futures

Highlights

Binance stopped offering stock tokens to its s earlier this month
Financial authorities in many countries have raised concerns on Binance
FTX also cut down leverage to 20 times to curb speculative trading

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Binance, the world's largest cryptocurrency exchange, said on Monday that it would stop offering cryptocurrency margin trading involving the Australian dollar, euro and sterling.

The cryptocurrency exchange's curbs on its services come as a string of regulators across the globe have been issuing warnings about the platform and some of the services it offers.

From Aug 10, Binance will suspend margin borrowing for Ethereum price in India stood at Rs. 1.63 lakh

Binance Says s Can No Longer Buy Digital Tokens Linked to Stocks

Bitcoin and other cryptocurrencies have surged in popularity among retail investors during the global pandemic, prompting regulators to put trading platforms under increased scrutiny despite the fact that most cryptocurrency trading is unregulated.

Financial authorities in Britain, Japan, Italy and Thailand have all raised concerns about Binance for carrying out unauthorized financial services.

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

Amazon Denies Report of Accepting Bitcoin as Payment

The platform's chief executive, Changpeng Zhao, also said in a tweet on Sunday that it was limiting the maximum leverage for trading cryptocurrency futures for new s to 20 times the money a puts up from 100.

That came just after FTX, a crypto exchange based in Hong Kong, also cut down leverage to 20 times to curb speculative trading with Bitcoin and other cryptocurrencies.

© Thomson Reuters 2021

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