Binance Futures is forced out of Australia as crypto regulation tightens
The scrutiny intensifies, and the uphill battle with regulatory authorities and is likely to continue as the exchange tackles its challenges with newly hired executives with experience in compliance.
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In addition, they made an announcement about this initiative on their online media Blockchain Game Info. Contract Servant, a blockchain game developed and operated by AXELMARK INC. will donate 10% of the sales of the token sale held from June 16 to 18.
But before jumping in , let’s take a look at what exactly it takes to get started and some of the hurdles you’ll need to account for along the way. Crypto futures is a wonderful way to gain exposure without having to hold the underlying cryptocurrency. So you’re interested in trading crypto futures?
Our transparent donation system allows you to track the journey of all donations made via Binance Charity, and verify how we distribute the donated funds. Even a small donation of a few BNB can make a big change in the lives of the people affected by the virus. Let’s make the world a better place for all of us.
The fees occur at every point of transaction or exchange when customers purchase, sell, and even convert cryptocurrencies or futures contracts tied to crypto. An inevitable part of crypto trading is the trading fees that exchanges implement to maintain operations.
type ( int ) – 1: transfer from spot account to USDT-Ⓜ futures account. 3: transfer from spot account to COIN-Ⓜ futures account. 2: transfer from USDT-Ⓜ futures account to spot account. 4: transfer from COIN-Ⓜ futures account to spot account.
Over time, that difference adds up. Even a small transaction fee coupled with other related expenses such as funding fees will add up over time; the accumulated costs can significantly reduce your portfolio’s return. If your portfolio was up 20% for the year, but you paid 2% in fees and expenses, your return is only 18%.
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The exchange’s tussle with government authorities is far from over. The latest developments put Binance at the center of an investigation to find whether the exchange exploited its customers and took advantage of their trading activities on its platform.
The exchange has taken a pro-regulation approach and binance futures account registration futures jurisdiction pulled out its peer-to-peer and fiat-crypto pairs in jurisdictions like Singapore in the first week of September. Earlier this year, Binance’s futures platform reduced the maximum available leverage from 101x to 20x in response to increasing regulatory oversight.
Take an example: If you entered a long position for 1 BTCUSDT contract at $40,000 and wanted to close the position at $40,500, with the taker fee rate was set at 0.04%, and the maker fee rate was set at 0.02%, the various fee totals would come out to the following.
Maker fee rates start at 0.02% and can be as low as 0.0000%. But just getting started requires a 30-day trade volume of 250 BTC or less and doesn’t require BNB. To trade at the lowest fee rates of either taker or maker rates on Binance, binance futures 2021 users have a 30-day trade volume of more than or equal to 750,000 BTC and binance futures margin more than or equal to 11,000 BNB. The table below shows that Binance’s taker fee rates start at 0.04% and can be as low as 0.017%. Across most of the crypto exchanges out there, Binance Futures has one of the lowest taker fee structures.
We are hiring a large team of seasoned compliance, ideally ex-regulators, so they come into our organization, they understand what’s going on internally, and then they can speak the same language to their ex-colleagues.
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