The cryptocurrency exchange Binance has announced three significant updates on its platform, effective this week or already in action.
New Perpetual Contracts
The first update includes the introduction of the BIO/USDC perpetual contract with up to 75x leverage, which allows users to bet on the price of the underlying cryptocurrency without actually owning it. The maximum funding rate for the contract at launch is set at +2%/-2%, with the funding fee settlement frequency every four hours.
"Based on market risk conditions, Binance may adjust the specifications of the BIO/USDC Futures contract, which include the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements."
Expansion of Trading Pairs
The second update involves expanding the choices available on Binance Spot. The exchange will open trading for A2Z/USDC, SSV/USDC, and UMA/USDC pairs on August 26. Some users, including those from the USA, Netherlands, Iran, and Canada, will not have access to these options. Prices for A2Z, SSV, and UMA also remain in the red, mirroring the overall pullback in the cryptocurrency market.
Binance's Impact on the Market
Major updates from Binance typically have a positive effect on the prices of associated tokens, but this time the situation is different. Bio Protocol (BIO) crashed nearly 30% in the last 24 hours, with a current price of about $0.23. Binance also announced the addition of BTR/USDT to its platform on August 27, which is also expected on another popular exchange, KuCoin.
Despite positive news from Binance, the current situation in the crypto market remains challenging, with declining prices for the affected tokens. The new initiatives of the exchange are expected to impact the market in the long term.
