Binance opened a futures platform called Binance Futures towards the end of last year, and the CME Group became a competitor of names such as Bakkt. The company now plans to open option contracts and challenge names like the CME Group.
Binance CEO Changpeng Zhao showed that they started testing Bitcoin options in a post he shared on his social media account today.
There is no information yet on the details of these contracts, as Zhao only shares this image above. It is not known exactly when these contracts will be available. So the only thing known for now is that Binance is trying to prepare options.
Response from Users
After Binance CEO Changpeng Zhao shared this, many began to criticize the move of the company.
Binance has already been criticized quite strongly for FTX tokens. The company removed FTX tokens from the exchange a few days ago and said it was “lack of information”. The company is now taking a step that can burst into expensive people who are at risk for investors and do not have enough information about options.
Especially long-term Bitcoin traders can earn reasonable amounts by selling options. However, these options, which are a derivative tool, have a speculative structure. Therefore, it is necessary to gather a lot of information about these transactions before selling options.
The point that users criticize is not Binance’s option contracts. People are reacting to the company taking such an initiative when there is no “stop-loss” in the stock market. Others say that Binance needs to prepare a few tutorials before launching options.