Binance Reportedly Has Plans to Integrate Margin Trading, Sells BTC for Fiat in Australia
A Redditor reports that the world’s biggest crypto exchange may just plan to expand trading opportunities by offering margin trades in the future
A while ago, a Redditor going by the name ‘enriquejr99’ who insists he is good at programming, published a post claiming he has spotted margin trading features on Binance API.
Is Binance expanding its trading opportunities?
The Redditor demonstrates a little of the code he found on the API documentation of Binance and analyzed it. However, he claims this code has not been enabled so far.
Enriquejr99 says that for all Binance crypto
pairs (over 480 of them) spot trading is enabled and margin trades are
disabled. Still, he adds that the code he has found may be the sign that
Binance is working on letting its customers conduct margin trades in the future.
Despite other exchanges are doing their best to surpass Binance, the latter remains the most popular trading platform. Its community keeps increasing and Binance Coin, which is used on Binance Launchpad for token sales and by numerous partners too, is currently sitting on spot #7 on CoinMarketCap, being ahead of Tron (#10), Tether (#9) and XLM (#8). At press time, BNB is trading at $15.25.
The Redditor believes that by offering margin trades Binance will attract even more customers and will significantly raise its profits. Its rival exchanges, such as OKEx and Bitfinex, are already benefiting from the market of margin trading which operates quite high volumes. The Binance CEO Changpeng Zhao seems ready to get a share of these profits for his exchange too.
Setting fiat-to-crypto operations in Australia
On Wednesday, Binance also announced that it has launched Binance Lite Australia platform. It allows ordinary people to buy Bitcoin in nearly 1,400 newsagents stores with Australian dollars.
In the future, the exchange intends to add other fiat currencies to this service, apart from AUD, as well as offer a wider choice of crypto coins to buy.
By this move, Binance hopes to accelerate mass
crypto adoption in Australia.
This is not the first time, the crypto
exchange is offering locals to embrace crypto. In autumn 2018, it was reported
that Binance had struck a partnership with an Australian startup TravelbyBit,
investing $2.5 mln.
TravelbyBit offers POS in airports around the
world and in Australia itself, allowing people to convert BTC and ETH into fiat
or pay for services directly with crypto. In the future, the company plans to
add BNB to their terminals too.