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With the new offering of margin service, the crypto and other traders in various financial instruments would be equipped to leverage borrowed crypto and other financial assets as principal in their transactions. Many firms have introduced such a facility to their clients in order to lure the trading volumes and facilitate the other trading objectives.
Amid such an arrangement in the advanced era of trading, Coincheck has announced it will shut down its margin leveraged trading. As Japan’s Virtual Currency Exchange Association continues its efforts to have member organizations implement best practice financial management. Coincheck has announced it will end leveraged trading from March 13th, 2020.
Now, such a facility under which the traders buy cryptos that one can’t afford to. The aggressive traders are now allowed to buy cryptos by paying a marginal amount of the actual value. Thereby, the traders would be able to initiate shorts in crypto-pairs as and when needed.
Coincheck’s move to end leveraged trading altogether follows its September decision to drop its leverage trading cap from 5x to 4x (in accordance with self-regulation and guidelines designated by the Japan Virtual Currency Exchange Association). Although the company made no announcement as to exactly why it was suspending its leverage service, the move aligns with amendments to Japan’s Financial Instruments and Exchange Act which are slated to become law in April 2020.
The amendments specifically target leveraged crypto trading with tougher licensing and securities rules - and dramatically increase the amount of compliance overhead exchanges would have to absorb should they continue to offer leverage products.
Coincheck’s users are now instructed who currently have their open positions in the service to settle all positions before the end of service and transfer Japanese yen balances from Coincheck’s leverage accounts to their trading accounts. The deadline for trading is March 13, 2020, at 12:00 p.m. (JST), and the deadline to transfer balances to trading accounts is at the end of March 2020. Courtesy: BNC
