Binance, the world’s largest cryptocurrency exchange, activated its new application. Thus, the exchange invites all its customers to try their skills in an automated copy trading module. The leaderboard features master traders with impressive PnL and assets under management (AUM) metrics. Changpeng Zhao, CEO of the giant crypto exchange, gave the good news himself.
Binance CEO announces coyp-trade is now active
The automatic ‘copy-trade’ module is now active in Binance, the world’s largest crypto exchange. Binance CEO and founder Changpeng Zhao (CZ) announced this upgrade from his X account on October 9, 2023. In this context, CZ said, “Copy trading is now live on Binance. You can copy trades from some of the best traders on our platform.” said.
https://twitter.com/cz_binance/status/1711370601133203555
How will the copy trade system work?
According to CZ, on Binance’s copy-trading platform, it is now possible for clients with various levels of expertise to copy the trading strategies of some of Binance’s most talented traders. In a newly launched dashboard by the exchange, crypto investors can choose the best “master trader” to copy their trading strategy. Binance displays key metrics that characterize the history of this user-selected trader. With this, the exchange aims to make copy-trading as transparent as possible.
That is, subscribers have the opportunity to check the “Return on Investment” (RoI), “Maximum Drawdown” (MDD) and “Assets Under Management” (AUM) values of the potential “master” on his card. Meanwhile, the most talented and successful investors show a 500% ROI within 90 days. The panel also includes 7-day and 30-day data. “Master traders” will receive a share of the profits made by their subscribers in return for their contributions. The exchange sets this rate at 10% for the majority of accounts. As Kriptokoin.com previously reported, a number of centralized exchanges such as PrimeXBT, Blofin, Bitget, Bexplus and others have launched similar copy trade modules in the last 12 months.
Binance will operate under UK’s new crypto regulation
In a proactive response to the UK’s evolving regulatory environment, Binance, a global cryptocurrency exchange, has introduced a dedicated UK domain name and Rebuildingsociety.com Limited, an FCA-regulated firm authorized as an ‘S21 certifier’ for crypto marketing and communications materials. established an important partnership.
The cryptocurrency industry is under increasing scrutiny from regulators. That’s why Binance is trying to overcome these with its latest moves. Its latest move underlines its determination to adapt to the UK’s changing regulatory framework. Individual users in the UK will be redirected to www.binance.com/en-GB from 8 October 2023. Here, users will only access Binance products and services that are fully compliant with UK regulations. Thus, one will have a safe and regulated trading experience.
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