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Binance is dead. Long live Binance 2.0.
Margin trading is being rolled out to all Binance users after it was first released on May 31 to selected users. According to Binance CEO Changpeng Zhao (CZ), this marks the launch of Binance 2.0, the company’s newest version of its main exchange.
CZ used the news to point out that “bitcoin is on a tear on price.”
Included with the new upgrade, is an improvement to the speed of the exchange. CZ claimed users will be less likely to experience lag or other performance issues on the new version. He added the old version will soon be decommissioned.
However, Binance fans were quick to point out that margin trading was not available to everyone yet—with many posting screenshots that they were not yet “invited.”
It turns out that CZ was getting ahead of himself. According to Binance PR, it has been a progressive rollout for the last two weeks—and will be available for everyone next Tuesday.
Margin trading on Binance is available for five cryptocurrencies: bitcoin, XRP, binance coin, tron and ethereum. It currently offers two times leverage—with plans to increase this in the future.
However, introducing high-leverage options to trade highly-volatile cryptocurrencies is not necessarily the wisest idea. It makes for an exceptionally risky trading environment and has been well-known for liquidating traders. According to CZ, one trader has already been liquidated while margin trading on Binance.
Additionally, an upgrade is coming to Binance’s blockchain platform, known as Binance Chain. Dubbed ‘Galileo’, it will introduce new features to Binance’s blockchain platform, including the ability for validators to delist coins with low trading volumes. It will also enable tokens to be locked for periods of time on Binance DEX—its non-custodial exchange.
Galileo was introduced to the Binance Chain testnet this morning, and will be rolled out to the mainnet in a few weeks time.