Binance Closer to Becoming One-Stop Shop for Crypto Service with All the Recent Developments
The world’s leading cryptocurrency exchange Binance is about to roll out its U.S.-based branch Binance US in the coming weeks, according to CEO Catherine Coley.
Prior to it, Binance never officially operates in the U.S. and has cracked down on U.S. users who could still access the exchange in an effort to appease regulators. Also as part of the deal with regulators, users of the upcoming Binance US will have to pass the know-your-customer (KYC) checks, required to provide a valid government ID and a social security number.
Considering the upcoming U.S. establishment and its other latest developments, the exchange is starting to look like a one-stop shop for crypto-related services. In the past couple of months, Binance has been under the spotlight with increasing offerings.
Earlier this month, the exchange launched its U.S. dollar-pegged stablecoin BUSD, which is being built in association with stablecoin issuer Paxos and has received approval from the New York State Department of Financial Services (NYDFS); On September 2, Binance announced the acquisition of crypto exchange JEX which offers spot and derivatives (including options and futures) trading in cryptocurrencies. The move is believed to boost Binance’s crypto derivatives offerings for pro traders.
Back in August, Binance announced stablecoin initiative Venus. Similar to Facebook’s cryptocurrency Libra, Venus is expected to break the financial hegemony and reshape the world’s financial system; In order to spur greater research in open-source blockchain development, the exchange unveiled Binance X at the end of the month.
Another big move in August is Binance Lending, which offers users up to 15% in annualized interest for lending their crypto assets such as BNB and USDT. By introducing Binance lending, the exchange will allow its users to lend their cryptos to those who wish to use it for leverage. In return, they could receive a certain amount of interest by lending their cryptocurrency.
Prior to crypto lending, Binance has already added margin trading in July. According to He Yi, co-founder of Binance, the number of users has increased by almost six times, and the transaction fees from leveraged transactions has accounted for about 8% of the total transaction fees of Binance in less than two months since margin trading was enabled on July 11.
With its existing ecosystem including Binance Chain, Binance Charity, Binance LaunchPad, Binance Labs, Binance Academy, Trust Wallet, Binance X, etc, as well as these recent offerings catering to almost all the market needs, Binance is actively completing its eco layout and maintaining its position as a market leader through constant innovation.