Binance Set to Launch NEO/USDT Futures With Up to 50x Leverage

The fees that the exchange imposes on trades of the contract in question are a 2% base initial margin rate, 1% base maintenance margin rate and a 0.5% liquidation fee.

Per the announcement published on Feb. 16, the NEO/USDT futures will be launched on Feb. 17 and traders will be able to select leverage between 1x and 50x.

Major cryptocurrency exchange Binance announced that it is about to launch a new futures product tracking crypto asset NEO.

What is NEO?

The Binance information page dedicated to NEO explains that it is an open source platform driven by its community that uses blockchain, smart contracts and digital identities to digitize and automate asset management. The page also mentions that the blockchain first launched in 2016 and is expected to upgrade to the third version of its software (Neo3) this year.

A Binance spokesperson told Cointelegraph that the firm decided to create a NEO-based futures contract after reviewing liquidity on its spot market. Furthermore, the spokesperson also talked about future growth:

“We are looking to add 20 or 30 trading pairs on Binance Futures, and will consider the most liquid 20 to 30 pairs first.”

Meanwhile, NEO price has lost 2.81% of its value over the 24 hours to press time and is currently worth $15.04, after starting the day at $16.67.

Are futures the speculator’s dream?

Futures contracts often feature particularly high leverage and allows speculation on things that would otherwise be difficult to trade. One example of how futures can enable such activity is the contract launched earlier this month by cryptocurrency derivatives exchange FTX, which allows traders to bet on President Donal Trump’s reelection in 2020.

Just a couple of days later, FTX also announced plans to launch five additional 2020 presidential election-based futures products including a Bernie Sanders (BERNIE) futures trading product, as well as futures on Joe Biden (BIDEN), Elizabeth Warren (WARREN), Pete Buttigieg (PETE) and Mike Bloomberg (BLOOMBERG).

Craig Wright Threatens BTC Core and BCH With Potential Lawsuits

Craig Wright, who claims to be the Bitcoin creator known as Satoshi Nakamoto, has warned the BTC Core (BTC) and BCH to stop using the Bitcoin database in order to avoid potential lawsuits. He claims that both networks may also violate the laws under the terms of Bitcoin’s original EULA and MIT License.

The man behind Bitcoin SV in the recent personal blog post added that he is going to take back control of the system he created, and is ready to fight for his rights this year.

Craig Wrights’ main argument

Wrights argues that the distributed Bitcoin database rights are governed by the Copyright, Designs and Patents Act 1988 (CDPA) and the Copyright and Rights in Databases Regulations 1997 (Databases Regulations 1997). So it should be considered as personal property.

Dr. Wright claims that representation of 21 million total Bitcoin which each divisible by 100 million Bitcoin is only a verbal deal. The Bitcoin’s creator should have the full rights to claim this unilateral contract with those nodes to issue, adding that:

“As the creator of Bitcoin, I maintain the sui generis rights to any copy of the database created from Genesis in January 2009. I shall not be relinquishing the ownership. I will be licensing it, and have already engaged in a process.”

Ever since 2018 Craig Wright has been the defendant in a lawsuit filed on behalf of the estate of Dave Kleiman, Wright’s late business partner. The claim alleged that following Kleiman’s death in 2013, Wright unlawfully appropriated more than a million Bitcoin that the duo had mined jointly in the early years of the cryptocurrency, as well as some related intellectual property.

The new trial with Kleiman’s case has been postponed to April 17, and the trial won’t be held till July 2020. But in any case, it shouldn’t take long to find all these claims are legit or not.

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