Binance Introduces New Margin Pairs for BAND, FLM, STMX, ADX, PROM, and PROS

Binance, the world’s leading cryptocurrency exchange, has expanded its margin trading offerings. As of September 8, 2023, the platform has incorporated BAND, FLM, and STMX into its Cross Margin borrowable assets. Concurrently, new Isolated Margin pairs have been introduced, namely ADX/USDT, PROM/USDT, and PROS/USDT.

Specifically, the new Cross Margin pairs available for traders include BAND/USDT, FLM/USDT, and STMX/USDT.

For those unfamiliar with margin trading, it allows traders to borrow funds to amplify their trading positions. While it can lead to higher profits, it also comes with increased risks. Binance provides a “Margin Data” section for users to stay updated on the latest marginable assets, including details on specific limits, collateral ratios, and rates.

About Band

Band Protocol, launched in September 2019 on the Ethereum blockchain, is a cross-chain data oracle platform.  It bridges the gap between real-world data and on-chain applications by connecting APIs to smart contracts. This facilitates the seamless exchange of information between on-chain and off-chain sources. By providing reliable, verifiable data to blockchains, it enables developers to integrate diverse real-world data into their decentralized applications. In June 2020, Band Protocol transitioned to the Cosmos network with Band Protocol 2.0, built on BandChain using the Cosmos SDK. BAND, its native token, plays a pivotal role in the ecosystem.

About Ambire

Ambire, previously known as AdEx Network, is a pioneering web3 marketing platform that harnesses blockchain and programmatic advertising to revolutionize digital advertising. Established in 2017, Ambire has transitioned from a decentralized ad exchange to a comprehensive advertising protocol. With over 20,000 registered users, it processes billions of blockchain-based micropayments. Ambire functions as a Demand-Side Platform, facilitating real-time bidding and programmatic advertising. Its native token, ADX, is integral for rewards, governance, and staking within the platform.

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Singapore suspends Bitget exchange license over K-Pop coin promotion

Singapore-headquartered digital asset platform, Bitget, has reportedly been suspended by the Monetary Authority of Singapore after getting into a dispute with an agency for the popular K-Pop boy band BTS.

As reported by the Financial Times on Dec. 5, Bitget lost the Singapore license following the controversial listing of a new K-Pop-related cryptocurrency called Army Coin. However, the crypto exchange still claims to have licenses in other jurisdictions such as Australia, Canada, and the United States.

The issue arose on Oct. 25, when the Bitget exchange shared a tweet promoting Army Coin, which is named after the South Korean boyband’s followers.

It allegedly used misleading information such as, “This coin exists for the benefit of BTS” and “ARMY coin aims to take care of BTS members for life”.

The exchange reportedly violated the band agency’s portrait rights by showcasing the new cryptocurrency on their website using the “ARMY” ticker and BTS’s name and images without permission.

Once the agency, Hybe, received information that the cryptocurrency had been listed on the Singapore-based exchange, they announced:

“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”

It added that the coin had “no affiliation” with BTS and urged those that had lost money on it to contact the police.

Bitget responded to the statement according to reports, by clarifying that as a trading platform, they did not create the coin itself and will take no responsibility for it. However, the ARMY token was delisted by the exchange on Dec. 3. The FT reported that the coin was available for trading in other jurisdictions on Bitget, including in South Korea.

Founded in Singapore in 2018, Bitget claims to have over 1.5 million registered users worldwide, and after their most recent Series B funding is valued at US$1 Billion.

Related: Singaporean crypto exchange enters India amid regulatory uncertainty

Bitget was cast into the industry spotlight after securing a sponsorship deal with Italian soccer giants Juventus in September and becoming an official partner of PGL Major Stockholm 2021 in October.

In June, Bitget also inked a partnership with stablecoin issuer Circle to become one of the first exchanges to list USD Coin (USDC) as collateral for trading crypto derivatives.