Cryptocurrencies & Platforms

Unconfirmed: Binance To Introduce Margin Trading — CZ Wants BitMEX’s Piece of the Cake?

Binance, the highly popular cryptocurrency exchange with hundreds of listed cryptos, is rumored to be working on the implementation of margin trading, which enables traders to trade with borrowed money in a high-risk/high-reward leveraged position.

Binance is believed to be working on this due to changes found in their public Application Programming Interface (API), which a Reddit user named “enriquejr 99” brought to the public’s attention on March 20.

API Changes Point to Future Implementation of Margin Trading on Binance

As pointed out by enriquejr 99, Binance’s new API update added 2 boolean operations/variables, which are statements in code that can either be true or false.

The first newly added variable is “isSpotTradingAllowed,” which is set to “true” for all 482 crypto trading pairs on Binance. The second newly added variable is “isMarginTradingAllowed,” which is set to “false” for all 482 crypto trading pairs.

The fact that Binance added a boolean variable for margin trading indicates that the exchange plans to implement margin trading in the future. Another Reddit user commented on the post, noting that Binance promised margin trading on the exchange when they first released their whitepaper.

Moreover, a Twitter user by the name of Su Zhu tagged Binance in a tweet that references the “isMarginTradingAllowed” field and asked his followers what their first margin trade on Binance will be?

The CEO of Binance, Changpeng “CZ” Zhao, responded by saying Binance future proofs their API framework, but has no dates for when margin trading on Binance will be released. However, it’s almost certain that we can expect Binance to rollout margin trading sometime in the near future.

Crypto Exchanges Offering Margin Trading

Binance is the world’s largest cryptocurrency exchange by daily trading volume, and has quickly moved to the top as one of the most powerful companies in the crypto industry. The popular exchange is expanding rapidly, and looking to eat up every aspect of this industry.

For instance, they already have their own crypto token, Binance Coin (BNB), which is now a top 10 coin. They are launching a decentralized exchange (DEX) and their own blockchain called Binance Chain, they have multiple fiat onramps for crypto, they allow users to buy crypto with credit card, and they may now launch margin trading.

All in all, Binance is a crypto industry powerhouse that’s striving to be the industry leader in all areas. Other crypto exchanges like Bitfinex, OKEx, and BitMEX already profit hugely from these high volume markets, and Binance will not miss out on their piece of the cake.

What do you think about the Binance exchange launching margin trading? Is Binance as a company becoming too powerful of a company in this industry? Let us know what you think in the comment section below. 

Jeremy Wall

Jeremy is a financial writer and aspiring investor. He is also a cryptocurrency enthusiast that’s fascinated with blockchain technology and the financial markets. When he’s not researching and learning about cryptocurrency, he’s traveling the world with his dog and girlfriend.

Share
Published by
Jeremy Wall

Recent Posts

Is A Silicon City Tech Giant Behind BlockDAG Network As Its $11.4M Presale Outcasts Floki Inu Price Surge Amid BOME Fluctuation

With Floki Inu's next bull run approaching, investors are closely monitoring its innovative token burn…

9 months ago

BlockDAG Becomes Top Crypto Investment Choice with $9.9M Presale, Beating Fantom & Apecoin

BlockDAG (BDAG) has continued to stand out with its innovative presale strategy, offering early investors…

9 months ago

Render and Dogecoin Price Predictions Defy Expectations As BlockDAG Emerges as the Highest ROI Crypto for 2024

As we venture into 2024, the crypto market is brimming with potential for unprecedented growth.…

9 months ago

Solana’s 20% Trading Spike Sparks BlockDAG Presale Interest While Memeinator Presale Reaches Edge

This analysis contrasts the flourishing momentum of BlockDAG coin's presale against the backdrop of the…

9 months ago

CryptoGames Review: Bitcoin and Altcoin Casino

Ever wondered what it is like to experience the extravagant casino vibes in the comfort…

3 years ago