Binance, FTX lower leverage limits on crypto futures trading to 20x

Cryptocurrency exchange Binance moves to reduce the maximum leverage its users can employ to trade futures contracts, a day after crypto derivatives exchange FTX announced the same move.Binance CEO Changpeng Zhao said in a tweet that the exchange now limits new users, as of July 19, to a maximum 20x leverage. The new limit will apply to existing users progressively over the next few weeks, he said.Sam Bankman-Fried, CEO of FTX, on Sunday said the derivatives exchange is limiting leverage to 20x, saying he doesn't think high leverage is an important part of the crypto ecosystem."While many users have expressed that they like having the option, very few use it," Bankman-Fried said, also via tweet.Both moves come as some industry observers expect high leverage margin trading to get more attention from regulators. In a July 23 New York Times article criticizing high leverage trading in crypto, former U.S. SEC chairman Timothy