The platform advises users to review the updated leverage and margin tiers to fully understand how it may affect their positions.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
Binance has made some notable changes on its platform. The popular crypto exchange announced its decision to adjust some of its trading parameters, reflecting the general cautiousness in and around the market at the moment.
According to Binance, this decision will see the platform update the leverage and margin tiers for four USD-Margined perpetual contracts. They are NEO, RARE, DIA, and RLC.
The move comes as part of Binance’s efforts to manage risks. These updates were introdused at a period when volatility has become the order of the day in the crypto market.
Binance has shared that the adjustments will take effect immediately. Hence, from 14:00 UTC today, the changes will start to affect traders who are engaged on the NEOUSDT, RAREUSDT, DIAUSDT, and RLCUSDT pairs.
The platform advises users to review the updated leverage and margin tiers to fully understand how it may affect their positions. Binance particularly warned those on open positions that existed before the update that they will be impacted by the new margin requirements and liquidation thresholds as well. So, such traders might also need to make some necessary changes.
For what it might be worth, this announcement is not the first time that Binance will be carrying out such updates on its platform. In a similar move in early December, the exchange also adjusted leverage and margin tiers for multiple USDⓈ-M perpetual contracts, including NEARUSDT, AVAXUSDT, and XLMUSDT.
However, these efforts, according to the firm, are ways that it attempts to align trading conditions with market realities.
Following the announcement, the affected tokens have each seen notable price movements. However, in the overall sense, nothing really significant has happened to their prices.
That is because all four tokens are down, as is the current trend in the broader market. NEO and RLC are down 6.92% and 6.42% in the past day, while RARE and DIA have seen bigger drops of 11.51% and 11.19% in the same period.
For now, it remains to be seen how traders would react to both Binance’s adjustments and the overarching economic factors weighing down on the entire crypto space.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
