Binance, the leading cryptocurrency exchange, recently announced the expansion of its margin trading options. The new additions included several new pairs and borrowable assets. This move was aimed at enhancing the user trading experience and providing more choices for traders on the platform.
The new margin trading pairs added by Binance include ADA/USDC, AVAX/USDC, MATIC/USDC, and XRP/USDC as new cross-margin pairs. Additionally, ACM/USDT, AVAX/USDC, FIO/USDT, IQ/USDT, NEXO/USDT, and QKC/USDT were introduced as new isolated margin pairs. The exchange also embraced AC Milan Fan Token (ACM), FIO Protocol (FIO), and IQ (IQ) as new borrowable assets on cross and isolated margin.
Despite the significant additions to the margin trading options, the prices of the affected tokens showed minimal impact. This lack of price movement could be attributed to the fact that the tokens were already being traded on Binance. Typically, when a cryptocurrency is listed on a major exchange like Binance for the first time, it experiences increased legitimacy, accessibility, and investor demand, leading to a positive impact on its valuation.
This is not the first time Binance has made changes to its trading pairs. Earlier this year, the exchange terminated trading services for several assets, including Monero (XMR), Aragon (ANT), Multichain (MULTI), and Vai (VAI). Most recently, Binance announced the cessation of support for BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, and other leveraged token pairs starting in April. These leveraged token pairs, which were controversial in their early days in 2020, were primarily designed for short-term trading.
Binance’s margin trading expansion was aimed at providing users with more trading options and enhancing their trading experience. While the addition of new pairs and borrowable assets may have positive long-term effects on the tokens listed, the immediate impact on their prices was minimal. It will be interesting to see how these changes in trading pairs and assets will affect the cryptocurrency market in the coming months.