Binance Margin Trading May Be Around The Corner
When the now-popular crypto exchange Binance unveiled its whitepaper in 2017, it promised its angel investors a stellar platform that would support much under the Bitcoin (BTC) sun. Although the startup has delivered on much of its original promises, Binance’s whitepaper mentioned “margin trading” as a part of its “feature rollout.” But, as you know, leverage, even for Bitcoin is unavailable. Moreover, the firm has kept its mouth mostly shut on the matter.
But as we reported in late-march, an exclusive from The Block revealed that the renowned trading platform was on the verge of offering its clientele margin. And Code found by a pseudonymous programmer seemingly confirmed the rumors that the Malta-registered exchange is looking into margin trading. The user, going by the moniker “enriquejr99,” noted that Binance has “silently included” two booleans that are as follows: isSpotTradingAllowed and isMarginTradingAllowed. These two lines of code were first spotted in Binance’s Ethereum-Bitcoin pair. Enrique added that upon further analysis of Binance’s 482 crypto trading pairs, he discovered that margin was mentioned but was then disabled.
Changpeng Zhao, the chief executive of the exchange, came up to quell the rumors remarking that Binance’s attempts to “future proof” its “API framework” resulted in the margin trading booleans appearing. He added that he was unable to give dates on the release of margin, keeping details on the matter scant and affirmations nebulous.
But as spotted by Enrique, it seems that the isMarginTradingAllowed flag has been enabled for a number of trading pairs on Binance. In a recent Reddit update, the user notes that nine pairs, including BTC-USDT, BNB-BTC, ETH-BTC, TRX-BTC, and XRP-BTC, have margin enabled. The Binance UI has yet to be altered to reflect the change.
There is a chance that regulatory concerns are currently plaguing Binance, as BitMEX has…