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

The announcement comes hours after CEO Changpeng Zhao tweeted that Binance was reducing the maximum leverage users can use to trade futures contracts.

AccessTimeIconJul 26, 2021 at 10:54 a.m. UTC
Updated Aug 21, 2021 at 6:34 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.
  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    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.



    Read more about