Thursday, April 9, 2020

Did Binance progess fuel the bad blood between exchanges?

The Takeaway:

In a developing world of cryptocurrencies, the crypto exchanges stand to play a vital role. Each exchange, today, competes to ascend above the other and Binance has victoriously achieved a distinct rank. Today, Binance holds a spot spreading the threat to its competitors. In this article, we have covered the growing developments, and innovations the leading crypto trading platform is putting forward.

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September rolled out to be a month of pain for many cryptocurrency investors and exchanges. Binance, on the other hand, paved its way of innovations even through a hard time for crypto. The platform soared with the new developments and introduction of new services. 

 

Binance introduced Binance.US

Binance inaugurated Binance.US, the American subsidiary of the platform. Post prohibiting the US users from trading on the exchange due to the regulatory concerns, the platform created the local exchange. The US branch of the network kicked off with seven crypto coins and 13 trading pairs, offering fiat to crypto and crypto to crypto trading. As of now, just a week later of its launch, Binance.US has opened account registration and verification services for the residents of Puerto Rico. The citizens will have access similar to the US users and are rendered with zero trading fees until November 1. 

 

Binance’s Malta firm move towards expanding the platform

Malta-based Binance recently launched its crypto lending platform. The platform is now geared up for its seventh phase of expansion where the new assets will live stream from October 2. Furthermore, there will be a two week fixed-term lending of the products. The exchange will now support a total of eight cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Chainlink, Litecoin, USDC, Tether (USDT), and the Binance Coin (BNB). 

Market Maker program by Binance

Binance has also stepped its foot in the liquidity arena. The major cryptocurrency exchange has unveiled the launch of its market maker program to enhance liquidity on the platform. As per the announcement, the users with monthly trading volume exceeding 1,000 BTC or those who can attain this volume bar, and who possess quality market-making tacts can instantly enter the program. Every market maker will be proffered a scoreboard following their performance. 

 

Binance – the TRON representative

A significant win for Binance is the gain of over 12 billion votes. Yes, the leading exchange secured such massive votes and achieved the top spot in TRON’s ecosystem. According to the data by Tronscan, Binance acquired the first position while Sesameseed.org and BeatzCoin, the two blockchain community members procured the second and the third rank respectively. 

The Chief Operating Officer of BeatzCoin, Misha Lederman, claims that Binance froze 12 billion TRX coins and took one-sixth of the issuance out of circulation which has led users to think that the major pro had “bought” the rank. Regardless of Binance’s move to become the super representative of TRON, the coin has gained 11% in its value in the span of 24 hours.  

Although Binance seems to rule the crypto exchanges’ industry, yet, what’s a victory with no vices in the story?

 

Binance’s success makes way for critics

Binance’s ascending developments did not get away with the criticism. The long-standing rival of the trading platform, Calvin Ayre left no tables unturned in criticizing the network. In an interview with CCN, Ayre took shots at Binance, calling it illegal and claiming that it will shut down in the following year. Recently, Zhao tweeted about the launch of staking services on his exchange where the users will have to do nothing to participate, which, Ayre called out to be a scamming move. 

Furthermore, Binance is left behind by the newly created Council for rating the cryptocurrencies.

 

Binance excluded from the Crypto Rating Council

The Crypto Rating Council established on September 30 includes some big names like Bittrex, Circle, Coinbase, Kraken, and more, but does not comprise of Binance as its member. The world’s leading exchange’s absence has ignited notable speculation. The exclusion is presumed to be the result of a direct competition Binance sustains with other exchanges. 

Do you think the omission is a sign of some chip on the shoulder between the exchanges and Binance?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Gonzales
Thomas Gonzales
Thomas is a Stanford University graduate who loves to talk about the financial world. Though he has a demonstrated history of working in the real estate industry but ever since he came into the crypto space, he has developed a keen interest in researching and writing about bitcoin and blockchain.

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