Binance, the world’s largest crypto exchange by trading volume, announced on Tuesday to offer futures contracts on the new “Binance Futures” platform, with initial support for BTC/UTSDT contracts at a leverage of up to 20x. 

At the Asia Blockchain Summit 2019 held in Taipei, Taiwan, Changpeng Zhao, the founder and CEO of Binance, showcased a futures trading interface on Binance with features including longs and shorts on crypto assets. Though an exact date of the launch wasn’t provided but Changpeng Zhao said that a simulation test version is expected to take place soon. The futures trading platform soon followed after the launch of margin trading on the Binance platform last month. 

Zaho well known by his industry moniker “CZ” stated that “Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks.”

Referring to this screenshot of the interface, he further said, “This is an actual screenshot of the working system. So Binance futures is coming.”

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Changpeng Zhao indicated in his presentation slide that the leverage could reach upto 20 times and initially, will be offered for trading on bitcoin.

A spokesperson further added that the margin trading will launch first for all its users and a week later, the futures testnet will come. 

With the launch of futures trading platform, Binance is now expected to compete with BitMEX, which is the largest derivatives exchange by volume and it is possible that Binance can take over BitMEX’s leading position, keeping in mind the strong position of Binance as the world’s most popular crypto exchange. 

Binance has also brought forth new trading pairs and features for its non-custodial trading platform- Binance DEX. 

Founded by Changpeng Zhao in 2017 in China, Binance is an international cryptocurrency exchange. It has its headquarters in Japan currently, due to the Chinese Cryptocurrency trading ban for financial firms. It is one of the largest crypto exchanges today. 

With the launch of Futures Trading Platform on Binance exchange, do you think Binance will now be able to take over BitMEX leading position in the derivatives exchange? Let us know in the comment section below.