Binance’s Trading Volume Rises Over 60% in a Single Day
A cryptocurrency exchange that has recently been the subject of regulatory investigations has seen a surge in trade volumes, up more than 300 percent since September last year.
Binance’s trading volume rose over 60% in a single day following the news of Bitfinex being banned, while Binance itself experienced an 80% jump in trading volume.
Binance’s trading volume rose over 60% in a single day following the news of Bitfinex being banned, while Binance itself experienced an 80% jump in trading volume.
“[Bitfinex] is a company that should be regulated by the regulatory body with the power to force the payment of taxes as it is the owner of the platform itself that is responsible for these issues. Bitfinex will not be allowed to continue until it proves that it can be regulated. The ban is a necessary step to make sure that other exchanges are not being used to evade these taxes. Binance is a great exchange and if Binance is banned, the future of the industry is at risk.
Binance, the largest exchange in Asia, is the first global exchange to be regulated by the Chinese government. However, the Chinese trading watchdog could not rule out the possibility of Bitfinex’s suspension of Bitfinex’s exchange.
In response, Bitfinex founder and CEO, Brian Armstrong tweeted: “I’m always open to ideas on how we can develop Bitfinex into a better trading platform.
com announced that Bitfinex will be operating on the Binance Chain, a permissioned blockchain designed to improve security in online trading. The move was applauded by exchanges including Binance, Bittrex, and Bitfinex, as it will help Binance achieve its goal of being the first global exchange to be regulated by the Chinese government.
The announcement has caused some controversy as Binance CEO Changpeng Zhao has been under a lot of pressure from investors and users alike for making the announcement. Zhao has faced a lot of criticism from traders and investors alike for “not offering a satisfactory answer to the question as to whether Bitfinex will be available. As is the policy of Binance, it will provide more information in due course.
An illustration of Binance
Binance, Coinbase and other major cryptocurrency platforms have come under scrutiny.
“Binance’s announcement late last week that it will support cryptocurrencies such as Bitcoin, Ethereum, and Ripple, may change how blockchain-based companies plan to integrate with traditional financial institutions.
“Since the launch of Binance’s trading platform in November 2017, it has been a regular occurrence for Binance to launch a cryptocurrency exchange.
“Despite this, some major companies appear to be using Binance’s trading platforms as a way to increase their exposure to cryptocurrency trading.
“This is because Binance has a significant number of customers with a substantial understanding of cryptocurrency technology that have signed in through Binance account.
“This also allows us the opportunity to explore cryptocurrency technology adoption on a global scale to better understand how it affects financial institutions, exchanges, and cryptocurrency-related businesses worldwide.
“Binance also has a customer base that is familiar with our trading platform and has many customers that do not know the true purpose of their trading activity or that of us.
“Coinbase, one of the leading cryptocurrency exchanges, has recently announced the launch of its platform for Bitcoin custody, whereby customers will have the ability to store the capital in a digital wallet.
“Some other cryptocurrency custodians such as Loom Network have announced similar offerings.
“We believe the introduction of a Bitcoin exchange like Coinbase is not something to be overlooked, and would like to use the platform as an example that other large companies can learn from and emulate.
“In any case, for future exchange models, we will be working closely with Coinbase to see how they plan to improve the experience and increase the adoption.
“Coinbase is also the largest cryptocurrency exchange in terms of trade volume.
“We are in the early process of adding more native instruments to Coinbase, which we will be announcing later this month.
“Exchanges such as Binance, Bittrex, and Kraken have announced their plans to provide custody solutions for cryptocurrencies as well.
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Tips of the Day in Cryptocurrency
Cryptocurrencies are an exciting new technology right now. The decentralized, peer-to-peer nature of cryptocurrencies means that there is no central authority to be corrupted or compromised. As a result, cryptocurrencies are at a golden age of growth in use. The Ethereum blockchain is a great example of this. Ethereum is the “killer application” for cryptocurrencies. It allows users to transfer value between themselves and anyone else without trusted third parties or censorship. As a decentralized blockchain, it enables a more open, decentralised, user-friendly ecosystem. The Ethereum blockchain is the backbone of the “smart contract” language, Solidity. This technology allows people to create, run, transfer and execute programs that store data or execute mathematical calculations on the blockchain. The Ethereum blockchain is used in hundreds of applications to store data of all sorts, from user data to digital art to crypto exchanges.
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Spread the loveA cryptocurrency exchange that has recently been the subject of regulatory investigations has seen a surge in trade volumes, up more than 300 percent since September last year. Binance’s trading volume rose over 60% in a single day following the news of Bitfinex being banned, while Binance itself experienced an 80% jump in…