Crypto Exchange Update: Focus on Binance, BitMax, and Huobi Global

Siamak Masnavi

The "Crypto Exchange Update" covers the latest news from the most popular digital asset exchanges. This particular article focuses on Binance (margin trading), BitMax (Harmony), and Huobi Global (Tezos).

Binance

Here is how Binance Academy describes margin trading:

Margin trading is a method of trading assets using funds provided by a third party. When compared to regular trading accounts, margin accounts allow traders to access greater sums of capital, allowing them to leverage their positions. Essentially, margin trading amplifies trading results so that traders are able to realize larger profits on successful trades.

Binance had the official public launch of its margin trading service on July 11. Margin trading is available to all eligible users―with the exception of the residents of the United States and five other jurisdictions)―on Binance's centralized exchange platform (Binance.com).

Around 12:00pm on Thursday (August 8), Binance annnounced that its margin trading platform had added:

  • margin assets: USDC, LTC, ETC
  • borrowable assets: USDC, LTC, ETC
  • margin pairs: BTC/USDC, LTC/USDT, LTC/BTC, ETC/USDT, and ETC/BTC

On 16:56 UTC on Wednesday (August 7), Binance announced via Twitter that margin trading had been enabled for their users in Canada.

As for Binance's decentralized exchange, Binance DEX, on August 8, TrustToken wrote on its Medium blog that it had released five new fiat-backed stablecoins on Binance Chain: TrueUSD, TrueGBP, TrueAUD, TrueCAD, and TrueHKD.

It noted that this enables "new fiat onramps to Binance DEX, greatly expanding the options for users to move between cryptocurrencies and bank accounts around the world."

BitMax

Around 02:09 UTC on Wednesday (August 7), BitMax Support said that BitMax would be listing Harmony (ONE) and trading via the pairs ONE/USDT and ONE/BTC would be enabled at 10:00 EDT on August 8.

It also mentioned that both trading pairs are "only eligible for Reverse-Mining and regular trading."

Here is how BitMax defines reverse-mining:

Separate incentive structure for the Maker trades includes the process of (1) User getting rebates by executing Maker trades. (2) The equivalent market value of BTMX token being deducted from user account. (3) the BTMX tokens being subject to permanent lock-up.

Huobi Global

Around 04:28 on Thursday (August 8), Huobi Global announced that it would be launching trading pair XTZ/USDT at 09:00 UTC on August 8.

On July 31, the Huobi Wallet team tweeted that Huobi Wallet would be a Tezos baker and adding support for XTZ soon.

Featured Image Credit: Photo via Pixabay.com