Binance cuts AUD, EUR, GBP trade pairs amidst regulatory crackdowns

Crypto exchange Binance announced it is delisting margin trading pairs for three fiat currencies, namely the Australian dollar (AUD), the Euro (EUR), and the British pound sterling (GBP).

Amidst increasing regulatory pressure, the world’s largest crypto trading platform in terms of volume continues curbing its trading services.

Margin trading 

Binance Margin will delist AUD, EUR, and GBP cross and isolated margin pairs, according to the official announcement. 

Binance Margin to Delist $AUD, $EUR & $GBP Pairshttps://t.co/gyBP8XzITI

— Binance (@binance) July 26, 2021

As of August 10, the exchange will suspend mentioned fiat trading pairs and, as of August 12, it will switch to automatic settlement and cancel all related pending orders. 

Roughly two years ago the exchange introduced crypto margin trading, enabling trading cryptocurrencies through borrowing funds, while allowing traders to access bigger capital to leverage their positions. 

According to the exchange’s warning, this trading method “carries a substantial risk and the possibility of both significant profits and losses.” 

“Past gains are not indicative of future returns,” the statement reads, pointing to the possibility that one’s margin balance may be liquidated in the event of extreme price movement.” 

Recently hampered

Following the announcement that the exchange would no longer be allowing its users to trade its innovative equity tokens offerings, Binance also decided to cramp leverage trading, reducing maximum leverage positions for new users from 125x to 20x on Binance futures. 

.@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

“We didn’t want to make this a thingy,“ stated the founder and CEO of Binance, Changpeng Zhao in a tweet, adding that the exchange will apply the new leverage limitation to existing users progressively over the next few weeks.

Binance has been the subject of regulatory concerns in several countries, including the United States, Japan, the UK and the Cayman Islands but as the global scrutiny grew so did the platform’s focus on compliance.

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Source: https://cryptoslate.com/binance-cuts-aud-eur-gbp-trade-pairs-amidst-regulatory-crackdowns/