Binance Launches Margin Trading
Binance is currently offering (in beta mode) margin trading on its custodial exchange (Binance.com) as part of their re-designed UX/UI (Binance 2.0) for this platform; sadly, this feature will not be available to all of Binance’s customers (most notably, those based in the United States).
The first clue we had that Binance was planning to offer margin trading was discovered by Reddit user “enriquejr99” (who claimed to be a computer programmer) while experimenting with Binance’s public application programming interface (API).
On May 8, a few hours after Binance had been hacked, during a Periscope Ask Me Anything (AMA) session, CZ confirmed that the rumors about margin trading on Binance.com were true.
As Binance explained via a tweet on May 30, when you go to Binance.com via a desktop browser, on the top left of your screen, you should see a “Try Now” button that you can click on to try out the beta version of Binance 2.0, which offers support for margin trading.
Two things you need to know about Binance 2.0’s margin trading support are:
- Before you use margin trading, you need to apply to be approved, which requires going through its through KYC process.
- Margin trading is not available in six jurisdictions (including the United States):
The beta version of Binance 2.0 seems to support margin trading with 2X leverage for five of the most cryptocurrencies: Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and XRP. (Neutral)
Binance To Release Its Own Stable Coin Backed By British Pound
Major cryptocurrency exchange Binance is apparently testing a British pound stablecoin on its native blockchain, Binance Chain.
Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform.
Binance CEO Changpeng Zhao has commented on the tweet, confirming that a pound stablecoin is in the testing phase, with only £200 minted.
Very few details about the stablecoin are known and there is no indication as to when it might be officially launched. But it is certain that Binance is making a great effort to make itself known throughout the world, as the crypto market comes to be seen as something more legitimate.
The Binance DEX and Binance Chain have contributed to the massive growth of Binance Coin’s (BNB) growth, and the Binance Launchpad has seen its tokens extremely well as well. (Positive)
Tron’s Justin Sun Wins eBay Charity Auction in $4.57M Bid to Lunch With Warren Buffett
Tron (TRX) founder and CEO Justin Sun has won an eBay charity auction to have lunch with renowned investor and Berkshire Hathaway CEO Warren Buffett. The news was revealed in a press release shared with Cointelegraph on June 3.
Sun reportedly bid a record-breaking $4,567,888 to win the charity auction, which has been held by Warren Buffett for the past 20 years.
Bloomberg reports that the winner, who had previously been unnamed, will be able to bring seven friends along for lunch with Buffett at a steakhouse in New York.
All proceeds from the auction benefit the San Francisco-based non-profit GLIDE Foundation. As the press release notes, GLIDE focuses on fighting injustice and inequality on behalf of economically deprived and oppressed communities in need, including the homeless, those from ethnic minorities or of LGBTQ orientation.
Buffett’s wife is reported to have been a GLIDE volunteer before her passing in 2004, since which the investor has upheld his own commitment to the foundation, reportedly raising over $30 million to date in auction proceeds.
In a statement, Sun emphasized the importance of contributing to a foundation whose work provides holistic programs for the local community, noting that:
“BitTorrent and TRON’s US headquarters are in San Francisco, and bidding on this charity auction was a key priority for our team. I’m proud to have my bid donated to GLIDE, a foundation that provides critical support for our local homeless community.” (Neutral)
Coinroom Exchange Shuts Down and Disappears With Customers Funds
Polish cryptocurrency exchange Coinroom has reportedly shut down its operations and disappeared with customer funds, reported by money.pl.
Money.pl received an email from one of its readers, who stated that Coinroom — which was registered in 2016 — ceased operations overnight and disappeared with customers’ money in April. Some users say they had up to 60,000 zloty (around $15,790) in their accounts.
Before ceasing its operations, Coinroom reportedly sent emails to its customers, containing information about contract terminations. Coiroom customers had only one day to withdraw their money, which was in accordance with Coinroom regulations signed by users. However, customers reportedly claim that some of them got only part of the money, while most of them did not receive their funds back at all.
One of the exchange’s customers told money.pl that he had lost 2.005 bitcoins (BTC) (nearly $15,000 at press time).
Spokesman for the District Prosecutor’s Office in Warsaw, Łukasz Łapczyński revealed that the office had initiated proceedings against Coinroom in connection with unauthorized activities providing payment services that intermediates in the exchange of cryptocurrencies. The office is also reportedly identifying other possible victims.
CoinMarketCap’s cryptocurrency exchange index shows that Coinroom has terminated its activities. The firm’s Twitter page has also seemingly been deleted. (Negative)
OKCoin Launches Euro Trading
Cryptocurrency exchange OKCoin has launched euro trading. Customers can now take part in euro spot-trading for digital assets, such as bitcoin, ethereum, and bitcoin cash, with more euro cryptocurrency pairs to be added in the future. According to the announcement, euro deposits and withdrawals will be free of charge until Sept. 4.
Further on, the company has also opened a new European office in Malta. The services and digital assets offered by the European OKCoin affiliate will be compliant with the Virtual Financial Asset Act.
“Europe is essential to the evolution of the cryptocurrency markets. It is home to many progressive ideas for innovating and disrupting the status quo of the global financial system while maintaining a balanced regulatory approach,” explained Jovan Gavrilovic, General Manager of Europe at OKCoin. “We are very pleased to bring digital asset trading to the European market in a secure and reliable manner, enabling users to trade digital assets for euro easily and safely.” (Positive)
Microsoft Announces Ethereum Smart Contract Verification
Microsoft announced the development of an open-source formal Ethereum smart contract verification scheme for the Solidity programming language.
Announced on the Microsoft blog, the tool will be called VeriSol–Verifier for Solidity. VeriSol will enable developers to write specifications for their contracts using an intermediate language that can then be tested using mathematical logic machinery.
The Microsoft blog states that “the VeriSol team used the verifier to formalize and check specifications of the smart contracts that govern consortium members in Ethereum on Azure and Azure Blockchain Service.”
VeriSol is currently a prototype but the team aims to cover most enterprise applications of smart contracts. The scheme is the product of a partnership between Microsoft’s Azure Blockchain and Research teams.
VeriSol will supplement Microsoft’s Azure Blockchain Development Kit and Workbench, which offers development templates and integrations for common Azure services like key management and identity. Formal verification tools like VeriSol make it easier for developers to check their work and catch bugs.
This provides developers with a more effective path to production. Solidity is the most popular language for programming smart contracts on Ethereum so an automated formal verification tool should make it easier for developers to improve the security of their dApps. (Positive)
CME Bitcoin Futures Saw New Records
CME Group announced that its bitcoin futures product had its best month since the product first launched in late 2017, in both volume and open interest in May.
Average daily volume within the month finished at more than 13,600 contracts, or around $515 million in USD traded value. Open interest, or the number of contracts left unsettled, also saw all time highs of 4,602 total contracts.
The exchange also stated that the bitcoin product added 223 new trading accounts in May, the most its seen since January 2018, pointing that institutional interest has indeed picked up. (Positive)