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The global crypto exchange Binance plans to delist margin trading pairs with the Australian dollar (AUD), pound sterling (GBP) and euro (EUR).
Binance says it will suspend trading on all AUD, GBP and EUR margin pairs on August 10th, and then it will conduct automatic settlement, cancel all pending orders and delist the pairs two days later.
The exchange’s chief executive Changpeng Zhao also says Binance Futures plans to reduce its users’ max leverage from 100x to 20x “over the next few weeks.”
.@binance futures started limiting new users to max 20x leverage last Monday, Jul 19th, 7 days ago. (We didn't want to make this a thingy).
In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks.
Stay #SAFU. 🙏
— CZ 🔶 Binance (@cz_binance) July 26, 2021
Earlier in the day, FTX CEO Sam Bankman-Fried kicked off the leverage reductions with an announcement that his exchange was removing all leverage trading beyond 20x.
9) And so, after lots of back and forth, we're going to be the ones to take the first step here: a step in the direction the industry is headed, and has been headed for a while.
Today, we're removing high leverage from FTX. The greatest allowable will be 20x.
— SBF (@SBF_Alameda) July 25, 2021
While speaking at the annual blockchain virtual summit REDeFiNE TOMORROW 2021Z last week, Zhao reportedly said he expects the crypto space to get hit with “heavy” regulations. The CEO noted Binance was increasing its compliance efforts.
The exchange announced earlier this month that it’s ending support for stock tokens on its main trading platform, noting that users have until October 14th to voluntarily close their positions in the assets.
Binance introduced the stock tokens in early April, which enable users to access shares of companies listed in traditional stock exchanges.