The latest update from the world’s largest cryptocurrency exchange, Binance has seen the platform introduce an exclusive service of spot grid trading. According to the community release by Binance, the new feature will be a table rotator that automates the buying and selling of cryptocurrencies by tracking market trends.
The 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 its behalf. for traders.
“Binance is excited to announce the launch of Spot Grid Trading, a strategy tool that automates the buying and selling of cryptocurrencies at set intervals around a preset price range for network building. trading grid.”, the exchange noted in its community announcement.
Binance Faces Legal Wrath Despite Regulator-Friendly Approach
Binance is rapidly climbing the ladder of success since choosing a regulator-friendly approach. However, despite Binance’s focus, it continues to receive regulatory backlash from countries like China and Turkey. On the last day of 2021, the crypto exchange announced the suspension of C2C trading services for mainland Chinese users, while transferring the responsibility to its verified partner, a platform. C2C transaction called Pexppay.
Along with the Chinese authorities, Turkish regulators also appear to be disgruntled with Binance staying in its territory. In the same week when Binance closed C2C trading in China, Binance’s Turkish subsidiary BN Teknologi ran into trouble with 8 million lira worth, or about $751,314. The country’s Financial Crimes Investigation Commission (MASAK) has fined Binance’s local unit for several violations of a new Turkish law that requires crypto exchanges to track user information for tax purposes.
Binance’s Global Expansion Continues Amidst Minimum Regulatory Backlash
While it is clear that some regulatory authorities in several countries continue to be unhappy with Binance, the exchange has followed the path of growth worldwide. From gaining in-principle approval in Bahrain to establishing itself as a crypto asset service provider in the country to announcing a new partnership with the World Trade Center Authority Dubai (DWTCA) to build a crypto hub, Binance is removing it from the ball park.