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Binance stops crypto margin trading against pound, Aussie dollar, euro

07/26/2021 | 05:54am EDT
FILE PHOTO: The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in Ta' Qali

FRANKFURT (Reuters) - 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 bitcoin, ether and other large cryptocurrencies and their Australian dollar, euro and sterling pairs, the company said in a statement. The platform will cancel all pending orders, automatically settle any open trade and delist the pairs on Aug. 12.

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 users earlier this month.

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 users to 20 times the money a user 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.

(Reporting by Krisztian Sandor; Editing by Rachel Armstrong and Anil D'Silva)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.04% 0.61992 Delayed Quote.-1.41%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.08% 1.89081 Delayed Quote.6.24%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.14% 1.75268 Delayed Quote.0.54%
BRITISH POUND / EURO (GBP/EUR) -0.05% 1.17246 Delayed Quote.4.71%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.14% 151.216 Delayed Quote.7.36%
BRITISH POUND / US DOLLAR (GBP/USD) -0.34% 1.37537 Delayed Quote.1.27%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.19% 0.669013 Delayed Quote.4.18%
EURO / BRITISH POUND (EUR/GBP) 0.05% 0.8527 Delayed Quote.-4.48%
INDIAN RUPEE / EURO (INR/EUR) 0.07% 0.01157 Delayed Quote.2.75%
US DOLLAR / EURO (USD/EUR) 0.29% 0.852522 Delayed Quote.3.34%
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