TL;DR
- Binance added six new pairs for margin trading to offer more flexibility.
- This move coincided with a 5% drop in Solana’s (SOL) price amidst a broader market correction.
The world’s largest cryptocurrency exchange – Binance – announced the addition of six new trading pairs. SOL/USDC, ARB/FDUSD, and DOCK/USDT were included as cross-margin pairs, whereas SOL/USDC, ARB/FDUSD, and OP/FDUSD as isolated margin pairs.
Margin trading enables users to access loaned funds for use in leveraged trades.
“Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies,” the exchange explained.
Placing a cryptocurrency in the aforementioned program might increase its liquidity and trading volume, triggering enhanced volatility.
Solana (SOL) is the only token of the above witnessing significant price swings, with its price being down 5% in the past 24 hours. However, this could be a result of the overall market correction today (January 12).
This is not the first such move by Binance since the beginning of 2024. At the start of the year, it placed Monero (XMR), Zcash (ZEC), and other cryptocurrencies on its Monitoring Tag list, where they will be subject to regular reviews. Not complying with the necessary criteria might cause their eventual delisting.
Earlier this week, Binance vowed to remove nine spot trading pairs, including LTC/UAH, FLOKI/TUSD, COS/BNB, COTI/BNB, MULTI/BTC, and others. Terminating services with those pairs became effective from January 12.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).