Binance, the largest Bitcoin and altcoin exchange with daily trading volume, came to the fore with new announcements. Here are the recent developments…
Binance will list IDEXUSDT contract with 20x leverage
Binance Futures has announced the launch of the USDⓈ-M IDEX perpetual contract with up to 20x leverage on May 3, 2023 at 15:00. However, depending on market risk conditions, Binance may adjust contract specifications including tick size, maximum leverage, initial margin and/or maintenance margin requirements. Additionally, the Multi Asset Mode will allow users to trade the IDEXUSDT perpetual futures contract using various margin assets.
Binance adds altcoin EDU to Binance Convert
On the other hand, the exchange announced that EDU has been added to Binance Convert. As of the announcement, users will now be able to trade EDU for zero fees with BTC, USDT and other tokens powered by Binance Convert. Users check indicative prices via Binance’s website. It also converts to their preferred asset. To get started, users need to click on “Trade” and select “Binance Convert” from the menu.
Binance unsubscribes on XRPUP/USDT and XRPDOWN/USDT altcoin pairs
Binance will stop trading and subscribing of leveraged token trading pairs XRPUP/USDT and XRPDOWN/USDT at 06:00 on May 12, 2023. Users are advised to trade their XRPUP and XRPDOWN leveraged tokens with other tokens before the planned shutdown. Also, the redemption service will be available until further notice. If users still have XRPUP and XRPDOWN leveraged tokens after trading is stopped, they can use the tokens via the wallet function or Leverage Tokens page.
Exchange launches new range of Range Bound products
Finally, Binance has announced the launch of a new Range Bound product line, with new price ranges and dates, allowing users to potentially earn higher rewards during periods of low market volatility. Subscription for Range Bound products will start on May 2, 2023 at 13:00 CEST. Range Bound allows users to earn rewards when the Reference Price of their chosen crypto asset stays within the selected Price Range for the entire Subscription Period. Users can decide how much of their Subscription Amount will be lost (i.e. Subscription Amount at Risk) if the Reference Price touches or exceeds the Upper/Lower Range of the selected Price Range during the Subscription Period. Currently, Range Bound products consist of BTC, ETH and BNB.
Binance comes up with many announcements almost every week. The exchange puts a significant amount of effort into improving the user experience. Last, cryptocoin.comAs we have also reported, it has delisted seven altcoin pairs.
