Bitcoin has increased in value in recent days as a result of reports that Amazon may begin accepting it, as well as a change in rules for the platform Binance.
Bitcoin prices increased in London on Wednesday morning after a difficult few months of trading, as cryptocurrency platform Binance announced a strategy to limit withdrawals and leverage.
In early trade in London, Bitcoin (BTC-USD) was trading 7.2 percent higher against the dollar, flirting with the $40,000 (£28,954) level.
The token is still a long way from the $63,000 highs recorded earlier this year, having taken repeated hits as a result of regulatory pressure from a number of places.
The second largest cryptocurrency, Ethereum (ETH-USD), was also trading up at 4%.
Binance announced on its website that leverage levels greater than 20x will not be available to futures accounts for the first 60 days of their registration.
“This comes after the modifications on 2021-07-19 (UTC), when a maximum leverage limit of 20x was set for new accounts registered within 30 days,” it said.
It also noted that futures trading entails significant risks.
In a separate statement, it announced that daily withdrawal limitations for accounts that have just completed Basic Account Verification will be reduced to 0.06 BTC.
“This modification takes effect immediately for new account registrations and will be worked in for current users beginning 2021-08-04 00:00 AM (UTC) and ending 2021-08-23 00:00 AM (UTC).”
Binance had previously restricted its customers from withdrawing British pounds and euros due to a regulatory crackdown in the UK and concerns with payments processor Clear Junction.
The move was confirmed by a statement on Clear Junction’s website, which cited a Financial Conduct Authority (FCA) ruling on the exchange.
Binance reported at the beginning that it was trying to address the issue and that it is committed to working with regulators to protect customers.
Read more: Bitcoin falls from all-time highs as Amazon rejects payment reports
The FCA warned consumers in June that one of the world’s major bitcoin (BTC-USD) exchanges is not licenced to conduct regulated services in the UK.
Binance Markets has been required to remove all advertisements and financial incentives by June 30.
Since then, a number of banks, including NatWest (NWG.L), Santander (SAN.MC), and Barclays (BARC.L), have chosen to block access to the trading platform.
Bitcoin has been unstable in recent days due to rumours that Amazon (AMZN) is considering accepting cryptocurrencies as payment. This was later rejected by the company.
Amazon has advertised for a “Digital Currency and Blockchain Product Lead.” On Sunday night, the London magazine CityAM reported that Amazon was planning to accept bitcoin, ethereum, Cardarno, and BitcoinCash.