Binance, the world’s leading cryptocurrency exchange, has announced a series of activities designed to improve user experience and expand trading opportunities. Additionally, its investment arm, Binance Labs, appears to be shorting an altcoin. Here are the details…
Binance Labs sells GMT
cryptokoin.com As we reported, Binance Labs, the venture capital arm of Binance, has strategically invested in Stepn (GMT), an accretive altcoin. Recent on-chain transactions show that 9.33 million GMT (approximately $3.14 million) was transferred to Binance itself from a wallet believed to be associated with Binance Labs.
This news comes amid speculation that Binance Labs may be selling GMT assets. However, it is important to note that Binance Labs’ past GMT transfers have coincided with price increases and this latest transfer does not necessarily guarantee a price drop. GMT price fell, likely on a combination of transfer and broader market weakness. cryptokoin.com According to data, it has decreased by 9.4% in the last 24 hours.
Two new contract and spot pairs enter the market
Apart from this, Binance Futures is launching two new perpetual contracts: BCHUSDC and WIFUSDC. These contracts offer high leverage options, with BCHUSDC reaching up to 75x and WIFUSDC reaching up to 50x. This allows investors to potentially increase their gains (and losses). The launch is planned to be held on April 4, 2024, and detailed features are stated in the official announcement. Additionally, starting April 3, users will be able to enjoy discounted fees on USDC margin futures contracts. So this will potentially make leveraged trading more cost-effective.
In other news, Binance Spot is adding many new trading pairs, including BCH/USDC, LQTY/FDUSD, LTC/USDC, MASK/TRY, PENDLE/USDC, and RDNT/TRY. This expansion caters to a wider range of crypto assets. Thus, it potentially opens doors for users in our country where TRY is used as fiat currency. Specifically, FDUSD trading pairs will benefit from zero maker fees until further notice. Binance is also enabling Spot Algo Orders and Trading Bots services for these new pairs. Thus, empowering users with automated trading strategies.
Statement about the IOTEX upgrade came
Finally, Binance announced that it will suspend deposits and withdrawals for tokens on the IoTeX (IOTX) network to facilitate the network upgrade and hard fork. This planned maintenance aims to improve user experience by ensuring network stability. The suspension will begin on April 3, 2024, at approximately midnight. It is then expected to terminate when the upgraded network is deemed stable. More importantly, trading of IOTX tokens will not be affected.
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