The world’s leading cryptocurrency exchange, Binance, has made several important announcements to improve the trading experience of its users. The exchange introduced ARKM as a new borrowed asset on both Cross Margin and Isolated Margin. In addition, Binance has expanded its offerings with new loan assets and collateral assets in its Flexible Loan and VIP Loan services. Also, some important changes have been brought up in Binance Futures. Finally, and as margin assets in Multi-Asset Mode, ADA and DOT were affected.
ARKM is included in margin assets
As of the latest announcement, Binance has included ARKM as a new loanable asset for both Cross Margin and Isolated Margin. The addition of ARKM/USDT as a new Cross Margin pair and ARKM/USDT as a new Isolated Margin pair opens up new trading opportunities for users. Investors can now use ARKM to strengthen their trading positions and potentially generate higher profits.
Increased number of loan/collateral assets in Binance Flexible and VIP loan
Binance has expanded its offerings in Flexible Loan and VIP Loan services by adding new loan assets and collateral assets. Newly added loan assets in flexible loan include ARKM, XEM, ZRX, PLA, NMR, SYN, AGLD and CVC. On the other hand, new collateral assets include DAI, DAR, CTSI, CAKE, IDEX, GAL, MKR and ICX. In the VIP loan, the loan assets consist of ARKM, MAV, CTXC, CVC, MC, FORTH, VTHO, RSR, CLV, GAS, AERGO. This move aims to give users more options when it comes to borrowing and collateralizing cryptocurrencies.
Binance Flexible Loan is an isolated, over-collateralized, open-term loan service offered by the exchange. This service allows users to complete loan orders while collateralizing cryptocurrencies through existing Simple Earn Flexible Products subscriptions. By using Flexible Loan, users gain more flexibility when borrowing cryptocurrencies as they do not have to stick to a specific loan term. On the other hand, Binance VIP Loan is an over-collateralized loan service that appeals to both individual and corporate users. The service offers competitive rates, terms and additional benefits.
Binance will no longer support ADA and DOT in multi-asset mode
Binance Futures will end support for ADA and DOT as margin assets in Multi-Asset Mode starting July 27, 2023 at 09:30. This means that traders can no longer use ADA and DOT for margin trading in this private mode. Binance Futures will automatically convert all ADA and DOT holdings held in USDⓈ-M Futures accounts to USDT starting July 27, 2023. The conversion will be based on the average ADAUSDT and DOTUSDT price index from July 27, 2023, 08:30 to July 27, 2023, 09:30. After conversion, USDT assets will remain in users’ USDⓈ-M Futures accounts.
Two futures pairs delist
Finally, Binance Futures will close all positions at 12:00 CEST on July 27, 2023. USDⓈ-M LDOBUSD and GALABUSD perpetual futures will auto-negotiate. After the settlement, the contracts will be delisted. This adjustment in contracts will affect existing positions opened before the update. In addition, Binance Futures will adjust the leverage and margin tiers of the USDⓈ-M LDOBUSD and GALABUSD perpetual futures today at 11:00 AM ET.
