After Binance accidentally tweeted images suggesting a margin trading service was in development, the cryptocurrency exchange has confirmed the service will be launched. Margin trading on its way according to Crypto Exchange Binance.
Binance posted screenshots of its platform in dark and light modes, asking users their preference. The tweets were first noticed by Twitter users on Friday.
There was a tab titled “Margin,” on the screenshots with a message saying that margin trading carries a “higher potential profit,” but also “greater risks”. Margin trading is when funds borrowed from a broker or exchange are used to trade an asset.
Image via Binance (highlight by CoinDesk)
Binance seems to have already launched the service in beta among “selected users”, as reported by TechCrunch last Friday. The news was also confirmed by a Binance representative to the news source that margin trading will be available “soon” on Binance.com.
Margin trading services are already offered by other cryptocurrency exchanges, including Kraken, Coinbase’s GDAX, OKCoin, Huobi and Poloniex.
In recent months Binance has been considered the world’s second largest cryptocurrency exchange by adjusted volume on data site CoinMarketCap. The latest service to be developed by the exchange is the margin offering.
Other projects the company has been working on are:
- Launch of a decentralized exchange called Binance DEX,
- Setting up of a fiat-to-crypto exchange in Singapore
- Revelation of a new platform in Australia that allows users to buy bitcoin with cash from newsagents
The exchange has been adding new features and services as part of its plans for expansion.
Having collaborated with several security and analytics startups including Chainalysis, Elliptic and IdentityMind, Binance has been ramping up its efforts fo regulatory compliance.
The loss incurred by the firm of over $40 million in bitcoin through a hack earlier this month, seems to have been shrugged off. According to Binance, customers have not been impacted by the breach, thanks to its “Secure Asset Fund for Users”.
A number of security upgrades were made following the hack, and the exchange resumed full services a week later.