Monat: September 2022

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Binance reintroduces futures trading in South Africa

  • Binance had ceased offering crypto derivative products to customers in South Africa in October 2021.
  • The platform will now offer its crypto futures products via regulated platform FiveWest OTC Desk.
  • Brickhouse Trading Limited, a member of Binance group of companies, will offer the products as a jurisdic representative of FiveWest.

Binance, a leading blockchain ecosystem and top cryptocurrency exchange platform, has announced its relaunching its crypto futures products in South Africa,

The exchange, which revealed the development on Monday, eligible South African customers can start accessing futures trading on the platform as from 26 September 2022.

Eligible customers to access futures products

Binance’s reentry with margined trading products for the African nation’s market comes several months after it moved out due to regulatory and compliance issues.

In October last year, the exchange halted its derivatives-related products in the country – with the need to comply with local regulations forcing it to cease offerings for futures, options, margin and leveraged tokens.

On Monday, the exchange told its users in the country that USD-Margined and COIN-Margined perpetual as well as delivery Futures contracts were now available.

South African users can access these products on Binance again, with the platform partnering with regulated financial services FiveWest OTC Desk. 

The Changpeng Zhao-led crypto company noted that it has a juristic representative arrangement with the authorised provider – a collaboration that will work via Binance affiliate Brickhouse Trading Ltd.

According to Binance, customers will still access the same products as before.

“The type of products offered and related product specifications have not changed from Binance’s previous Futures offering in South Africa. Only the manner in which the services are provided have changed. Users may still connect into the Binance platform and access the same market-leading liquidity,” the exchange’s team wrote.

The post Binance reintroduces futures trading in South Africa appeared first on CoinJournal.

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Is Injective Protocol’s INJ a good buy as TVL rebounds?

Injective Protocol price soared to the highest level since September 13 and then quickly erased these gains. The INJ price retreated to a low of $1.6977, giving it a market cap to more than $132 million. This price is about 18.50% from the lowest level this month.

What is Injective and is it a good buy?

Injective Protocol is one of the fastest-growing layer-1 blockchain projects that enable people to buy and trade digital currencies. The protocol also provides tools to help developers build decentralized applications.

It is backed by leading venture capital firms like Pantera, BlockTower, and Hashed among others. Mark Cuban is also an investor in the company. In August, the developers raised a new $40 million fund from Jump Crypto and Alan Howard’s BH Digital. 

This funding will enable developers to continue building its platform and also to increase the utility of the INJ token. In the past few weeks, the developers have also made several announcements to support the brand. For example, they added new validators while it welcomed Helix, a leading exchange that offers no gas fees and lightning-fast transactions.

INJ price rose as investors focused on the growing total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL jumped to more than $84 million, which was the highest level since May 10 of this year. This volume was much higher than the year-to-date low of $35.91 million. This is a sign that its ecosystem is expanding.

INJ price prediction

The four-hour chart shows that the Injective Protocol price jumped to a high of $2, which was the highest level since September 13. It moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. 

The coin is slightly below the descending trendline shown in purple. It has also formed what looks like a cup and handle pattern. Therefore, there is a likelihood that the INJ price will continue rising as bulls target the key resistance level at $2.20. A drop below the support at $1.5 will invalidate the bearish view.

The post Is Injective Protocol’s INJ a good buy as TVL rebounds? appeared first on CoinJournal.