The Binance cryptocurrency exchange intends to establish its dominant position in the cryptocurrency ecosystem by attracting projects in present time based on Ethereum on their own Binance Chain blockchain. Listing on its decentralized exchange may serve as an incentive.
“CZ has created what can only be described as a global crypto empire serving hundreds of trades million dollars daily. And this empire, originating in 2017 year, has an impact in all corners of the emerging market “, – writes The Block, recalling the recent Bitcoin SV delisting example.
“The size of Binance and its trading volumes indicate that we are facing a very influential exchange. We knew the PAX listing on Binance would go a long way, ”said a spokesman for Paxos, which issued the Pax stablecoin..
“Listing on Binance is particularly important as it is the main source of liquidity and the exchange of choice for most traders,” said Decred’s representative in charge of listing its asset on trading floors..
One of the sources said that Binance has offered them significant privileges if they agree to switch to its blockchain. “Let’s say a project that will transfer a certain percentage of its operations from the Ethereum blockchain to Binance Chain will be in a special account. Those who refuse to comply will be delisted if their trading volume does not exceed $ 1 million per day, ”he explained..
“Binance is trying to bring everything to its blockchain. They are betting that they will get away with breaking the laws, as they plan to become a fully decentralized chain, ” one of the sources said on condition of anonymity, referring to the exchange moves from one jurisdiction to another. “For this plan to be successful, they need to involve everyone in this chain. Curiously, they built their entire business around Ethereum. Where would Binance be if it weren’t for Ethereum? ”
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