Binance, the world’s leading cryptocurrency exchange, announced a series of activities designed to improve the user experience and expand trading opportunities. In addition, Binance Labs, its investment arm, appears to be selling an altcoin. Here are the details

Binance Labs is selling GMT

Cryptocoin.com As we reported, Binance Labs, the venture capital arm of Binance, had strategically invested in Stepn (GMT), a for-profit altcoin. Recent on-chain transactions show that 9.33 million GMT (about $3.14 million) was transferred to Binance itself from a wallet believed to be associated with Binance Labs.

This news comes amid speculation that Binance Labs may be selling its GMT holdings. However, it is important to note that Binance Labs’ past GMT transfers have coincided with price spikes and this latest transfer does not necessarily guarantee a price drop. The GMT price has fallen 9.4% in the last 24 hours, likely due to a combination of the transfer and broader market weakness.

Two new contracts and spot pairs enter the market

In addition, Binance Futures is launching two new perpetual contracts: BCHUSDC and WIFUSDC. These contracts offer high leverage options, with BCHUSDC reaching up to 75x and WIFUSDC up to 50x. This allows traders to potentially increase their gains (and losses). The launch is scheduled for April 4, 2024, and detailed specifications are outlined in the official announcement. Also, from April 3, users will be able to benefit from reduced fees on USDC margined futures contracts, making leveraged trading potentially more cost-effective.

Meanwhile, Binance Spot is adding several new trading pairs, including BCH/USDC, LQTY/FDUSD, LTC/USDC, MASK/TRY, PENDLE/USDC and RDNT/TRY. This expansion caters to a wider range of crypto assets and potentially opens doors for users in regions with Turkish Lira (TRY) as their fiat currency. Notably, FDUSD trading pairs will benefit from zero maker fees until further notice. Binance is also enabling Spot Algo Orders and Trading Bots services for these new pairs, empowering users with automated trading strategies.

Announcement about the IOTEX upgrade

Finally, Binance announced that it will suspend deposits and withdrawals for tokens on the IoTeX (IOTX) network to facilitate the network upgrade and hard fork. This planned maintenance aims to improve the user experience by ensuring network stability. The suspension will begin on April 3, 2024, at approximately midnight and is expected to end once the upgraded network is deemed stable. Importantly, trading of IOTX tokens will not be affected.