Binance Confirms Margin Trading After Hack

Binance the leading cryptocurrency exchange has hacked and lost 7000 BTC worth $40 million announced in a report by Binance.

In the past weeks, there are several rumours that Binance will soon launch margin trading. The claims were initiated by a Reddit user who finds two new functions in the API codes.

The API codes shows that the function “isMarginTradingAllowed” is now enabled for 9 trading pairs including BTC, BNB, ETH, USDT, and XRP.

CZ Confirms Margin Trading

After the recent hack, Binance CEO CZ carried out an AMA (Ask Me Anything) where he confirmed that Margin Trading will be coming on Binance in future:

binance confirms margin trading

CZ Further Added:

“I think most people have already seen the margin flagged added in our API so as we are working on marketing system that look that’s rolling out actually very very soon”

CZ cleared that first, the margin trading is available for a couple of traders who will test it and report any bug to Binance Team.

The codes are almost done and soon Binance will start testing the Margin Trading.

Margin Trading has grown magnificent interest from the last year. There are many exchanges that provide Margin Trading like Bitmex, Bitfinex and PrimeXBT have increasing volumes and new users.

Looking at these Binance confirms margin trading and maybe that will increase the number of users and trading volume on Binance.

Binance recently launched fiat-crypto gateway but Coinbase is still users first choice for fiat transactions. There are many Margin Trading exchanges and Binance have a long way to go on top.

Also Read: Fidelity will Start Crypto Trading in Upcoming Weeks