Important Binance Announcement Affecting Some Altcoin Traders: Details

TL;DR

• Binance will introduce new perpetual contracts with high-leverage options, enhancing its futures trading platform.
• Despite these additions, the involved cryptocurrencies face declines in a generally falling market.

What’s New?

The world’s largest cryptocurrency exchange will expand the list of trading options offered on Binance Futures to enhance users’ experience. It will launch the ARB/USDC and NEO/USDC perpetual contracts with up to 50x leverage, while FIL/USDC will allow up to 75x leverage. The three choices will be available to traders from April 18.

Binance warned that it may adjust the specifications of the upcoming options, including the funding fee, tick size, maximum leverage, and initial margin, “based on marker risk conditions.” 

The company will also activate the multi-assets mode on the those perpetual contracts, allowing clients to use cryptocurrencies like Bitcoin (BTC) as a margin. 

Despite the additional support toward Arbitrum, NEO, and Filecoin, the affected assets remain in red territory amid a severe market decline. ARB is down 8% for the day, NEO has retraced by 13%, while FIL has lost around 6% of its valuation.

Binance’s Previous Amendments

The firm has made numerous similar changes and updates to its platform in the past several months. It delisted the popular privacy coin Monero (XMR) and three other altcoins – Aragon (ANT), Multichain (MULTI), and Vai (VAI) in March. On the other hand, it added Filecoin (FIL), NEAR Protocol (NEAR), Stellar (XLM), EOS (EOS), Injective (INJ), and Alien Worlds (TLM) as new loanable assets on Binance Loans.

Earlier this month, the exchange opened trading and enabled Spot Algo Orders Trading Bots services for the USDT/MXN pair.

Shortly after, it included 18 new loanable assets, such as dogwifhat (WIF) and Pepe (PEPE), Hedera (HBAR), IOTA (IOTA), and Celestia (TIA) to Binance Loans, whereas Saga (SAGA) and Tensor (TNSR) were added to its VIP Loan section.