Binance Exchange Will be Launching a Crypto Futures Platform Very Soon

The world’s largest cryptocurrency exchange by trading volume Binance is planning to enable futures trading.

During a presentation at the Asia Blockchain Summit in Taipei on Tuesday, founder and CEO of the exchange Changpeng Zhao showcased a futures trading interface on Binance with features including longs and shorts on crypto assets.

“Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks.”, he said.

“This is an actual screenshot of the working system. So Binance futures is coming.”, Zhao added, referring to the screenshot of the interface showed on the stage.

He indicated in his presentation slide that the leverage could be up to 20 times and will be offered for trading on bitcoin initially. While a firm releasing date of the feature is not yet set, sources quoted that Binance plans to launch the test in about two weeks from now.

The futures trading feature comes after the firm rolled out margin trading on the platform last month.

“Margin trading will roll out to all users first (around July 11), then futures testnet will come about a week after that,” the spokesperson added. (Positive)

Facebook Seeks BitLicense From New York State Regulator

Social media giant Facebook has applied for a cryptocurrency business license to use its announced virtual currency Libra in New York, according to a report by Reuters on June 28

New York requires a special license for crypto operations called the BitLicense, which is a product of the state’s finance regulator, the New York State Department of Financial Services (NYDFS). 

According to the report, Facebook has also been in contact with regulators in England and Switzerland, presumably to discuss the terms of Libra compliance. 

However, the scope of regulatory compliance for Facebook’s aims may include thousands of different standards to meet. Sean Park, Founder and Chief Investment Officer at venture capital firm Anthemis is quoted as saying:

“They will not get a free pass anywhere… And, given their intention to be global, they will ultimately need literally hundreds, perhaps thousands, of licenses from hundreds of different regulators across the globe.”

As per the report, Libra has been met with some alarm by United States lawmakers, due to its history of user privacy violations and sheer size. 

Facebook representatives are scheduled to testify on Libra before Congress on July 16 and 17.  Chairwoman Rep. Maxine Waters additionally has called on Facebook to put a hold on Libra developments until the hearings are completed. (Neutral)

Russia Will Not Introduce Separate Regulation for Facebook’s Libra

Russia will not develop a separate regulation for Facebook’s cryptocurrency Libra, according to Deputy Finance Minister Alexei Moiseev.

Moiseev stated that Russia will not introduce separate legislation for Libra as there will be uniform rules for all circulating digital currencies. “No one is going to introduce a ban. A large number of businesses ask when it will finally be possible to legally conduct an ICO [initial coin offering] transparently. This will definitely be regulated, permitted, and that is about it,” Moiseev said.

Moiseev noted that the issue is whether “cryptocurrency will have approximately the same status as foreign currency.” He considered that the use of cryptocurrencies to pay for goods and services will always be prohibited in Russia. “The ruble is our national currency, and all calculations must be made in it,” added Moiseev.

The news follows a statement from the Chairman of the Russian State Duma Committee on Financial Market, Anatoly Aksakov, that Facebook’s Libra will not be legalized in Russia as it may be a threat to the financial system of the country. 

Aksakov also said that Russia has no plans to adopt legislation “which provides space for the active use of crypto tools created in the framework of open platforms, blockchains.” (Negative)