Cryptocurrency exchange Binance delivered what appeared to be the first confirmation it had added margin trading for traders in a social media update on May 24.
As part of its ongoing transition that will see new products, including a decentralized exchange, Binance released preliminary views of its new trading interface.
Composed of a “dark” and “light” mode, developers conspicuously chose a view of margin trading for the teaser screenshots,
The unveiling follows comments from CEO, Changpeng Zhao (also known as CZ), who confirmed margin trading would appear on Binance during a live “Ask Me Anything” session earlier this month.
“As we are working on our margin system, that’s rolling out very, very soon,” he told viewers, adding that the feature would first be made available to large-volume traders for help with testing. CZ stated:
“We will do a gradual rollout of the margin platform; it’s actually being beta tested by our internal team.”
Binance has recovered strongly from an unexpected security breach at the start of May which saw hackers steal bitcoin (BTC) worth $41 million at the time.
While the event sent jitters through markets, sentiment rebounded, with Binance covering consumer losses and shutting down full functionality for a week while improvements were implemented.
The exchange relaunched deposit and withdrawal options on May 15.
Margin trading allows exchange account holders to use their existing balances as collateral, opening up the possibility for higher profits, but likewise entailing a higher level of risk. Some other major exchanges, including Kraken, GDAX and BitMEX already offer the tool.
