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Binance 2.0 Goes Live with Margin Trading Support

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Leading crypto exchange and distributed ledger technology (DLT) project, Binance has announced the launch of its margin trading service on the Binance 2.0 platform. The firm says the new product is part of its larger plans to foster financial freedom and push the crypto industry forward, according to a blog post on July 11, 2019. 

Binance Launches Margin Trading for All 

As stated in its blog post, Binance, a Malta-based bitcoin trading venue and crypto exchange has added another exciting feature to its growing list of products.

The exchange has announced the launch of its Margin Trading platform and it says the product, which is part of its contribution to the growth of the cryptocurrency industry, is aimed at promoting freedom of money for all.

Binance CEO, Changpeng Zhao said that:

“This is another step in providing an inclusive crypto trading platform that will see to the needs of both sophisticated institutional traders and retail traders under the same roof. We are offering a new tool in the financial services and digital assets markets to help in amplifying trading results of successful traders.”

Per the team, the Binance Margin Trading platform comes with a newly optimized user interface that caters to both the needs of regular traders and those interested in taking advantage of the Margin Trading feature.

The team says the Binance 2.0 platform also features an advanced trading engine to facilitate frictionless order matching and press indexes for margin level calculations, to enable lower liquidations.

Mitigating the Risks 

For the uninitiated, margin trading makes it possible for a trader having just a small amount of trading capital to borrow money from an exchange to open larger positions. While this system enables the trader to generate far more profit with less trading capital of his own, it also comes with higher risks as compared to regular trading.

As reported by BTCManager earlier in May 2019, in a bid to equip its potential margin traders with the skills needed to mitigate the inherent risks, the Binance team published a blog post explaining the nitty-gritty of margin trading.

Commenting on the launch of the new margin trading feature, Binance co-founder, Yi He reiterated that:

“We are confident that its development, coupled with more knowledge on proper risk management will help realize greater benefits in the long run.”

Yi He also noted that margin trading is one of the most requested services from the Binance community and she has no doubt the new feature will offer huge possibilities to both retail and institutional traders in the future.

The team says the Binance 2.0 platform also makes it easy for traders to transfer funds from their Margin Wallets to their regular Binance Wallets free of charge. 

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Binance Burns More Crypto Tokens as Quarterly Profits Surge

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There has been little to get excited about this week on crypto markets. The bears have ramped up the pressure and the selloff has continued resulting in $14 billion leaving the space since late last week. Leading exchange Binance is soldiering on regardless and has just completed another coin burn.

Binance Burns 2 Million BNB

The world’s leading crypto exchange Binance has just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB.https

The exchange based token had been one of the year’s top performing altcoins until it dumped over 60% in a fall from $40 to $15. It is still up overall though and the coin burns serve to decrease the circulating supply.

At today’s prices the burn is the equivalent of $36.8 million and the supply has dropped to 185.5 million tokens. The company plans to destroy BNB each quarter based on the trading volume on the exchange, this will continue until 50% of the total supply, 100 million BNB, is burned.

The Block’s Larry Cermak has been doing some calculations to arrive at the conclusion that Binance has just had its second highest quarterly profit. He added that this 9th coin burn was higher than Q2

“Since Binance burns 20% of profits, we can deduce that it made approximately $186 million in profit in Q3. This is the second-highest quarterly profit”

He added a few more charts showing that 14.5 million BNB have been burned so far leaving 85.5 million to go. The numbers are surprising when volumes and current market conditions are considered;

“Binance’s spot volume dried up in the last few months. The market has been dead and yet Binance just burned the equivalent of the second-best quarter in existence.”

Cermak also observed that the average daily volume in October is 2.6 times smaller than volume in June, adding that this indicates Binance must be generating a lot more from other branches – such as Futures and peer to peer OTC crypto trading in China.

He added that Binance quietly changed their whitepaper in April to remove the clause about the firm using 20% of its profits to buy back BNB and revenue for exorbitant listing fees has been replaced by other sources.

BNB Crypto Market Reaction

At the time of writing Binance Coin has not reacted and was trading marginally down on the day. It is currently priced at just over $18 which is flat on the week but down 12% on the same time last month. Daily volume is around $237 million according to Coinmarketcap.com and BNB is currently ranked seventh with a market capitalization of $2.8 billion. It has not been able to escape the bears and has fallen with the rest of the crypto market over the past three months, shedding over 60% since its epic pump to $40 in June.

Source:newsbtc

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Binance Rakes in $186 MM in Profits in Q3 2019; Burns 2.1 MM Binance Coin [BNB]

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Binance, in a recent update, announced that it has completed its 9th BNB Token Burn. A total of 2.1 BNB coins have been burnt. The figures are more than Q2 and Q3 combined.

Profits Worth $186 Million Made by Binance in Q3

Source- Twitter

Binance burns 20% of its profits every quarter. Thus, it can be deduced that it made profits worth $186 million in Q3. The leading cryptocurrency exchanges had tweaked its whitepaper earlier to remove the clause of burning 20% profits. However, the figures are the same, as confirmed by a Binance spokesperson.

Source- Twitter

Binance CEO, Changpeng Zhao (CZ), also posted a tweet sharing his enthusiasm and announcing the token burn. He said its a big announcement and if the audiences are worried about crypto they shouldn’t be!

Leading data researcher Larry Cermak shared that Binance burns 20% of profits every quarter until 100 million BNB is burned. So far, in the last 9 quarters, Binance burned 14.5 million BNB, which means it still has to burn 85.5 million. He further said that Binance cumulatively crossed $1 Billion in profit and Binance has indeed diversified its stream of revenue.Advertisement

Source- Twitter

Speculations behind the token burn started surfacing when 2.29M BNB ($41.86M) were transferred from Binance to an unknown wallet. The speculations oscillated between a figure of 925K to even 2.3 M.

The first, second, third and fourth quarter of 2018 saw 986K, 1.82M, 2.22M, and 2.53 M BNB being burnt respectively, whereas, 1.62 M and 830K BNB were burnt in the first and second quarter of 2019. Furthermore, profits worth $50,013, 594 and $78,009,472 were made in 2019’s first two quarters.

Also, per a blog post on Sept. 12, Binance had announced that it will include all its products into quarterly BNB burns in accordance with community feedback. The new BNB burning practice will include tokens from Binance Futures. The last BNB token burn took place on the 11th of July. It was the 8th BNB token burn which removed 830K BNB tokens. Also, BNB slipped 5% on the day the burn was completed.

BNB Price Charts

At press time, BNB is trading at $18.18 with a price decline of 0.8%, as per data provided by CoinMarketCap.

Source- CoinMarketCap

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Binance

Binance Burns More Crypto Tokens as Quarterly Profits Surge

Published

on

There has been little to get excited about this week on crypto markets. The bears have ramped up the pressure and the selloff has continued resulting in $14 billion leaving the space since late last week. Leading exchange Binance is soldiering on regardless and has just completed another coin burn.

Binance Burns 2 Million BNB

The world’s leading crypto exchange Binance has just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB.

The exchange based token had been one of the year’s top performing altcoins until it dumped over 60% in a fall from $40 to $15. It is still up overall though and the coin burns serve to decrease the circulating supply.

At today’s prices the burn is the equivalent of $36.8 million and the supply has dropped to 185.5 million tokens. The company plans to destroy BNB each quarter based on the trading volume on the exchange, this will continue until 50% of the total supply, 100 million BNB, is burned.

The Block’s Larry Cermak has been doing some calculations to arrive at the conclusion that Binance has just had its second highest quarterly profit. He added that this 9th coin burn was higher than Q2

“Since Binance burns 20% of profits, we can deduce that it made approximately $186 million in profit in Q3. This is the second-highest quarterly profit”

He added a few more charts showing that 14.5 million BNB have been burned so far leaving 85.5 million to go. The numbers are surprising when volumes and current market conditions are considered;

“Binance’s spot volume dried up in the last few months. The market has been dead and yet Binance just burned the equivalent of the second-best quarter in existence.”

Cermak also observed that the average daily volume in October is 2.6 times smaller than volume in June, adding that this indicates Binance must be generating a lot more from other branches – such as Futures and peer to peer OTC crypto trading in China.

He added that Binance quietly changed their whitepaper in April to remove the clause about the firm using 20% of its profits to buy back BNB and revenue for exorbitant listing fees has been replaced by other sources.

BNB Crypto Market Reaction

At the time of writing Binance Coin has not reacted and was trading marginally down on the day. It is currently priced at just over $18 which is flat on the week but down 12% on the same time last month.

Daily volume is around $237 million according to Coinmarketcap.com and BNB is currently ranked seventh with a market capitalization of $2.8 billion. It has not been able to escape the bears and has fallen with the rest of the crypto market over the past three months, shedding over 60% since its epic pump to $40 in June.

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