Crypto News

Binance Futures to open trading for XLM/USDT perpetual contracts

One of the world’s leading cryptocurrency exchanges, Malta-based Binance continues to roll out more products in its Futures market. Days after unveiling support for Ethereum Classic perpetual contracts paired with USDT, and with up to 75x leverage, the platform will now open its Futures market for Stellar Lumens [XLM].

An announcement by Binance read,

“Binance Futures will launch XLM/USDT perpetual contract and open trading at 2020/01/20 08:00 AM (UTC). Users will be able to select between 1-75x leverage.”

Notably, the exchange has started to take a precautionary measure in order to ensure that there would no market manipulation post the launch of the Futures product. The platform would be implementing a “pricing limit of ±1% on the mark price” within the first 15 minutes of post-trading. This move may have been a result of the exchange being drawn to the drastic price rise of certain cryptos, after announcing support for them on its platform.

The same was last spotted when Binance launched XRP/ USDT perpetual contracts on its Futures platform. The cryptocurrency saw a massive price surge in the 24 hours before the official announcement, resulting in some people on social media alleging that the news was leaked before the launch.

Along with this, Binance also announced that users can now purchase crypto with Japanese Yen [JYP] on the exchange. According to the website, users will be able to buy only four cryptocurrencies via JYP: Bitcoin, Binance Coin, Ethereum, and XRP.

Source: Binance

Interestingly, this is not the first move made by the exchange to tap the Japanese market. Earlier this week, the exchange announced a strategic partnership with Z Corporation – a subsidiary of Yahoo Japan and TaoTao – a cryptocurrency exchange.

“Z Corp […] and TaoTao will continue discussions and deliberations with Binance and begin preparations to launch trading services for users in Japan. Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.”

Changpeng Zhao, Co-founder and CEO of Binance, also spoke about the rapid development of the exchange in a recent blog post. He said,

“We have also seen Binance launching new P2P services in Vietnam, making investments in Korea, and initiating a partnership in Japan with TaoTao, a subsidiary of Yahoo! Japan. Binance Futures also added 3 new contracts in just the last week. I’m excited to see what this year brings not only for Binance but also for the world of crypto as a whole.”

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