Binance, the world’s most popular cryptocurrency exchange, has been taking the industry by storm.
They have Binance Coin (BNB) being the top performing crypto asset, a successful launch of their own public blockchain– Binance Chain, and a soon to launch a decentralized exchange (DEX).
The exchange is already on top of everybody’s radar and intends to stay there, as Binance margin trading for XRP, BTC, ETH, BNB, and TRX will soon be possible, according to a trending Reddit post:
As previously reported by IIB, Binance was believed to be working on the implementation of margin trading due to changes found in their public Application Programming Interface (API).
Now, the Reddit user from the post above looked at Binance’s public API and found that the ‘isMarginTradingAllowed flag’ is now enabled for 9 crypto trading pairs. Therefore, this shows signs of continued development that margin trading is coming to Binance soon.
Moreover, the CEO of Binance, Changpeng “CZ” Zhao, highlighted this Reddit post via Twitter, stating how amazing it is that people were able to find out and draw conclusions that Binance was working on margin trading.
Therefore, in a roundabout way, CZ confirmed that margin trading is, in fact, launching on Binance soon.
Crowd intelligence is amazing.https://t.co/CsnqdcWp9F
— CZ Binance (@cz_binance) May 2, 2019
Binance is Taking Over
Binance has quickly established itself as an industry leader in the cryptocurrency exchange arena. It already hosts the highest daily adjusted trading volume and has users from all around the world.
With the exchange entering the margin trading side of the business, they are poised to become even bigger and take customers away from exchanges like BitMEX and Kraken, who are also known for margin trading. This will increase Binance’s liquidity even more and attract even more users, creating a positive feedback loop for Binance.
Therefore, we can expect Binance’s BNB token, which is already up 72% from the beginning of the year, to go even higher as more people will be using the exchange and its token.
Crypto investors who bought Binance Coin (BNB) are sure to be in for a wild ride as it appears there is nothing that can stop this exchange from succeeding beyond belief.
Do you think it’s a little scary that Binance is quickly becoming an extremely large player in the crypto industry when they are not regulated in any jurisdiction? Let us know what you think in the comment section below.