Breaking: Binance announces spot grid trading to automate buying and selling crypto
The latest update from the world’s largest crypto exchange, Binance saw the platform introduce an exclusive service of spot grid trading. According to Binance’s community release, this new feature will be a table turner, automating the buying and selling of cryptocurrencies by keeping a round the clock track of market trends.
Binance spot grid trading feature is now live on its website and aims to eliminate “FOMO (Fear Of Missing Out) and make strategic, informed, and rational trading decisions” on behalf of the traders.
“Binance is excited to announce the launch of Spot Grid Trading, a strategic tool that automates the buying and selling of crypto at preset intervals around a preset price range to construct trading grids.”, the exchange platform noted in its community announcement.
Binance faces regulatory wrath despite regulator-friendly approach
Binance is rapidly climbing the ladder of success since it opted a regulator-friendly approach. However, despite Binance’s centralised focus, it continues to receive regulatory backlash from countries like China and Turkey. On the last day of 2021, the crypto exchange platform announced suspension of C2C trading services for mainland China users, while handing over the responsibilities to its verified partner, a C2C trading platform called Pexpay.
Along with Chinese authorities, the Turkish regulators also seemed discontent with Binance’s stay in its territory. During the same week as Binance shut down C2C trading in China, the Turkish subsidiary of Binance, BN Teknologi got in trouble worth 8 million lira, which amounts to approximately $751,314. The country’s Financial Crimes Investigation Board (MASAK) fined Binance’s local unit for several infringements of the new laws of Turkey that require crypto-exchanges to track user information for taxation purposes.
Binance global expansion continues amid minimal regulatory backlash
While it is evident that few countries’ regulators continue to stay displeased with Binance, yet the exchange has followed it path to growth across the world. From acquiring in-principle approval in Bahrain to establish itself as a crypto-asset service provider in the nation to announcing a new partnership with Dubai World Trade Center Authority (DWTCA) to build a crypto hub, Binance is knocking it out of the ball park.
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