Binance US Enhances Transparency and Listing Process
Binance US, the American division of the world’s largest cryptocurrency exchange, Binance, is taking steps to enhance transparency and engage users by proactively disclosing potential assets being considered for listing on its platform. This update aims to create a more transparent listing process and provide customers and the community with better visibility into upcoming listings.
Announcing Assets Under Consideration
In order to streamline the addition of new digital assets, Binance US will announce specific assets under consideration for listing. This will be done on a case-by-case basis to ensure transparency in the process. By doing so, Binance US aims to offer customers and the community a clearer understanding of which assets may be added to the platform.
“Today Binance.US is pleased to announce an update to our digital asset listing process. To facilitate the addition of new digital assets to our platform, we will proactively announce select assets under consideration for listing.”
Sui: A Potential Asset for Listing
As part of this initiative, Binance.US is currently evaluating Sui (SUI) as a potential asset for listing. Sui operates as a delegated proof-of-stake network that supports the Move development language, specifically designed for blockchain concepts. The Move language enhances smart contract security and programmability. Sui also aims to support various decentralized applications across Web3 and decentralized finance.
Legal Challenges Faced by Binance.US
This change comes at a time when Binance.US is facing legal challenges from the U.S. government. The U.S. Securities and Exchange Commission (SEC) has sued Binance.US, its parent company Binance Holdings, and founder Changpeng “CZ” Zhao, accusing them of running an unlicensed securities exchange.
SEC chair Gary Gensler stated, “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law. As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.”
Hot Take: Striving for Transparency Amid Legal Challenges
Binance US’s move to enhance transparency by announcing potential assets for listing demonstrates its commitment to providing a clearer and more open listing process. This initiative aims to improve visibility for customers and the community regarding upcoming listings. However, it is important to note that Binance.US is currently facing legal challenges from the U.S. government, which may impact its operations. The outcome of these legal proceedings will be crucial in determining the future direction of Binance.US in the American market.
By
By
By
By