First Mover: U.S. Arms of Binance, FTX Push Into Margin Trading, But Likely Not at 100x
CoinDesk
Trading
4 years ago
1 QCP
Cryptocurrency exchanges based outside the U.S. are pushing to fill what they see as a competitive gap in the world's biggest economy – offering more leverage to traders who have limited alternatives due to a strict domestic regulatory environment.
Antigua and Barbuda-based cryptocurrency exchange FTX plans to launch its newly established U.S. unit this month. Margin trading, in which users can buy and sell assets using borrowed money, could become a key feature of the U.S. operations, FTX CEO Sam Bankman-Fried told CoinDesk.
You're reading First Mover, CoinDesk's daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here.
“The crypto exchange ecosystem as a whole has been in need of competition for a while, and we're excited to be able to offer liquid order books, tons of features, margin trading for qualified customers and a constantly evolving product in the States,” Bankman-Fried said.
Catherine Coley, CEO of the U.S. unit of the big overseas cryptocurrency exchange Binance, told CoinDesk that the company is “actively working toward implementing margin trading.” The business, Binance.US, launched last year.
Outside the United States, traders can get leverage on purchases of cryptocurrencies and derivatives via exchanges including Binance, Bitfinex and BitMEX, in some cases enabling bets of up to 100 times the money down. All three exchanges initially welcomed traders in the U.S. but later started turning some customers away under pressure from local regulators.
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https://bit.ly/3dn38A9
Antigua and Barbuda-based cryptocurrency exchange FTX plans to launch its newly established U.S. unit this month. Margin trading, in which users can buy and sell assets using borrowed money, could become a key feature of the U.S. operations, FTX CEO Sam Bankman-Fried told CoinDesk.
You're reading First Mover, CoinDesk's daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here.
“The crypto exchange ecosystem as a whole has been in need of competition for a while, and we're excited to be able to offer liquid order books, tons of features, margin trading for qualified customers and a constantly evolving product in the States,” Bankman-Fried said.
Catherine Coley, CEO of the U.S. unit of the big overseas cryptocurrency exchange Binance, told CoinDesk that the company is “actively working toward implementing margin trading.” The business, Binance.US, launched last year.
Outside the United States, traders can get leverage on purchases of cryptocurrencies and derivatives via exchanges including Binance, Bitfinex and BitMEX, in some cases enabling bets of up to 100 times the money down. All three exchanges initially welcomed traders in the U.S. but later started turning some customers away under pressure from local regulators.
...
https://bit.ly/3dn38A9
- United States
- Cryptocurrency exchange
- Margin trading
- Crypto exchange
- Binance
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