Bitfinex to Launch Derivatives & Open New Division

BTCF0 and ETHF0 are traded with USDt0 and new division called iFinex is aimed to expand trading opportunities for customers
03 September 2019   514

The Bitfinex cryptocurrency exchange has added support for two derivatives products based on Bitcoin and Ethereum.

Derivatives tab appeared in the exchange interface. In this section there are BTCF0 and ETHF0 instruments available for trading with stabletcoin USDt0. The maximum leverage is limited to 100x.

The new product is a perpetual contract, which in many ways resembles the products of the popular BitMEX exchange. Note that trading in BTCF0 and ETHF0 is not available to users from the USA, Canada and Switzerland.

Bitfinex exchange also announced the opening of a new division - iFinex Financial Technologies Limited with the aim of expanding trading opportunities for exchange customers, improving and expanding the product line.

We are excited about the possibilities for creating new, previously unavailable products through our new platform. The new platform expands our ever growing portfolio and cements Bitfinex as a market leader in innovation.
 

Paolo Ardoino
CTO, Bitfinex 

The upcoming launch of derivatives became known back in June. Then Ardoino noted that at first, new instruments will use isolated margin, which will allow better control of leverage and the liquidation price. It also became known that instruments with high leverage will be used separately from the main margin market, limited to 3.3x.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   233

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.