Binance to Cease Crypto Margin Trading on Sterling, Euro, Australian Dollar

Binance is set to stop its crypto margin trading involving sterling, the euro and Australian dollar, as the world's large cryptocurrency exchange seeks to stave off a widespread regulatory backlash against some of its services.

Starting Aug. 10, Binance Margin will suspend borrowing for its GBP, EUR and AUD pairs and major cryptocurrencies including bitcoin, ether and Binance coin, an announcement Monday said.
Binance will conduct automatic settlement, cancel pending orders and delist all affected pairs by Aug. 12.
The announcement comes only hours after CEO Changpeng Zhao tweeted that Binance was reducing the maximum leverage users can use to trade futures contracts from 100x to 20x, following the lead of fellow exchange FTX.
Binance has been the target of a string of warnings and denouncements from financial regulators the world over in recent weeks, including those of the U.K., Japan, Italy and Thailand.
Less than a fortnight ago, the exchange said it was ending support for its stock market token offering that had drawn consternation from several financial watchdogs.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.