CZ Binance Confirms BNB Loans for Margin Trading in August

In his recent live stream, Binance’s CZ has confirmed the launch of BNB loans provided by traders to other traders to help them conduct margin trading on Binance

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In a live stream that took place the other day, the Binance’s CZ confirmed his earlier announcement of launching loans between investors and margin traders. The interest back to lenders is to be paid in Binance Coin.

Binance promises BNB loans for margin trading that kicked off earlier

Previously, CryptoComes wrote that Binance had initiated margin trading with its native BNB token. This was just the first step in the new curve of current Binance expansion.

In a live stream last week, Changpeng Zhao confirmed that later in August the platform would allow investors to lend each other funds for margin trading, reclaiming their interest in BNB.

The community’s reaction

The Binance crypto community demonstrated very different responses to the news. While some were praising the CEO of the exchange for another step forward in improving the crypto industry and taking it to a new level, others started accusing Binance of corruption regarding selecting projects for its IEOs.

Other accusations were regarding CZ’s ‘criminal partner Justin Sun’, Binance lying about its charity programs and BNB token burns.

The comments posted on Reddit were also far from supportive, let along encouraging.

As a reminder, when Binance conducted its first IEO of BitTorrent on its LaunchPad, numerous investors were unable to by BTT over what Binance later explained to be technical issues. A lot of people started accusing Binance and Tron of teaming up for scamming the community.

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Current BNB market stance

At press time, Binance Coin is ranked 6 on CoinMarketCap, trading at $28.18. Over the last 24 hours, the coin is showing a 2.20-percent spike.

BNB Price 08/05/19
Image by CoinMarketCap

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.