Key Points:
- An obscure exchange, WhiteBIT, is advertising a high Annual Percentage Yield (APY) of 24.8% for Tether (USDT) deposits.
- WhiteBIT has connections to Justin Sun and his Huobi exchange, which raises suspicion.
- Justin Sun has a history of promoting exorbitant returns on stablecoins.
- WhiteBIT offers over 150 cryptocurrency trading pairs and supports Ukrainian hryvnia and Kazakhstani tenge.
- WhiteBIT faces challenges in maintaining licenses and banking relationships.
Hot Take:
WhiteBIT’s association with Justin Sun and its high APY offer for Tether deposits raise concerns about the exchange’s legitimacy and credibility. While it offers a range of cryptocurrency trading pairs and supports lesser-known fiat currencies, its practices and affiliations warrant closer inspection. The exchange’s history of extravagant promises and its challenges in maintaining licenses and banking relationships further highlight the need for cautious evaluation. Potential investors should carefully consider these factors before engaging with WhiteBIT.
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