Category Archives: Binance
Comparative Analysis of Binance Coin Against Major Market Cap … – BTC Peers
Cryptocurrencies have exploded in popularity over the last decade, with thousands of digital assets now traded on exchanges worldwide. Among the top cryptocurrencies by market capitalization is Binance Coin (BNB), created by the Binance cryptocurrency exchange. In this article, we will analyze how Binance Coin compares to other major market cap coins like Bitcoin, Ethereum, and Cardano.
Binance Coin was launched through an initial coin offering in 2017, with a total supply of 200 million BNB tokens. The cryptocurrency exchange Binance created BNB originally to serve as a utility token on their platform. BNB tokens allow users to pay trading fees on Binance at a discounted rate. The tokens can also be used for payments and transactions across a growing ecosystem of services.
Over time, Binance Coin has transitioned into serving additional functions beyond just discounted fees. It is now the native asset of the Binance Smart Chain, a blockchain network that allows developers to create decentralized apps. BNB also facilitates transactions on Binance's decentralized exchange. The coins increased utility has contributed to significant growth in both price and market capitalization.
With a current market cap of approximately $65 billion, Binance Coin ranks as the 4th largest cryptocurrency as of September 2023. For comparison, the market cap leaders are Bitcoin at over $900 billion and Ethereum at $200 billion.
BNB has seen exponential growth in market cap over the last several years. In early 2019, its market cap stood at just $1.2 billion. But by 2021 it had shot up to rank #3 with a peak of $90 billion in market valuation. While BNB has pulled back some from its all-time high, it remains firmly entrenched as a top 5 crypto asset.
The surge in market cap reflects the increasing prominence of Binance in the crypto sector. As the worlds largest cryptocurrency exchange, Binance helped drive greater adoption of BNB tokens. The branding between Binance and BNB creates strong name recognition in the crypto community.
Binance Coin utilizes a proprietary blockchain known as the Binance Chain. This blockchain was created by Binance to enable faster processing times for orders and trades on their exchange.
The Binance Chain uses a proof-of-stake consensus model to validate transactions. Proof-of-stake relies on users staking their BNB holdings to help confirm transactions and secure the network in return for rewards. This provides an energy efficient alternative to proof-of-work chains like Bitcoin.
Developers can also build decentralized apps and digital assets on the Binance Smart Chain. This blockchain runs in parallel to the Binance Chain and is compatible with the Ethereum Virtual Machine. The Smart Chain provides a scalable environment for DeFi, NFTs, metaverse projects and more.
In terms of transaction speed, the Binance Chain can process 1-2 second block times. This is significantly faster than Bitcoin's 10 minute block times. However, it is slower than some other major chains optimized for speed like Solana and Avalanche. Overall though, BNB offers reasonably fast transaction finality.
As the native coin of the Binance ecosystem, BNB is deeply integrated across their products and services. The main utility is paying discounted trading fees on the Binance Exchange. Users receive a baseline 25% discount on fees when paying with BNB. Additional discounts can reduce this further.
BNB is widely used on the Binance Smart Chain to power transactions and interact with dApps. Staking BNB also provides holders with rewards for helping validate transactions on the chain. Binance aims to continue expanding utility through new DeFi apps, NFT/metaverse platforms, and real-world payments.
Adoption of BNB has skyrocketed thanks to Binance's dominant position in the crypto exchange market. Binance has surpassed 100 million users worldwide. These users regularly engage with BNB, especially on Binance.com. BNB is much less commonly accepted at merchants or businesses than older coins like Bitcoin. But its ecosystem utility remains strong.
One downside of BNB is the relatively centralized nature and control by Binance. Being created by an exchange carries more centralization risks compared to pioneer blockchains like Bitcoin.
Binance's outsized influence impacts certain elements of the Binance Chain and BNB token. For example, they have the ability to burn (destroy) a portion of BNB supply each quarter. And as an exchange, user assets are subject to custody by Binance rather than being fully user-controlled via private keys.
Critics also contend that proof-of-stake leads to increased centralization as fewer users are able to operate validator nodes. However, Binance counters this through efforts to increase participating node operators. Overall, BNB exhibits a blend of decentralized and centralized features.
"As the creator of BNB and operator of the Binance ecosystem, my team strives to balance decentralization with providing users fast, convenient services. This centralization versus decentralization debate persists across many blockchains."
Among top market cap cryptocurrencies, BNB stands out for its robust utility within the Binance ecosystem. Saving on trading fees on Binance Exchange is a unique value proposition not matched by older coins like Bitcoin and Ethereum. Staking and interacting with dApps on Binance Smart Chain also provides BNB holders with practical uses.
However, coins like Ethereum and Cardano do have an edge when it comes to overall developer ecosystem size. By sheer numbers, they support more dApps, NFT projects and real-world use cases. Nevertheless, BNB remains among the most utilized crypto assets thanks to Binance's scale and reach.
BNB stands a strong chance of continuing to appreciate in value long-term if Binance maintains its dominance in the crypto industry. Burning their large quarterly allotment of BNB also provides deflationary pressure on token supply.
As the Binance ecosystem grows, demand for using BNB should increase. Wider adoption of Binance Smart Chain, increased trading volumes on Binance Exchange, and new use cases can all contribute to driving up BNB's value. However, regulatory risks persist given the centralized nature of Binance. Despite these risks, BNB seems poised to be a top 10 cryptocurrency for the foreseeable future.
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Comparative Analysis of Binance Coin Against Major Market Cap ... - BTC Peers
Binance Charity Unveils Survey Insights on International Day of … – FinanceFeeds
Binance Charitys recent survey reveals a growing preference for blockchain-based donations, with 32% of respondents favoring cryptocurrencies for charitable contributions.
Today, Binance Charity, Binances philanthropic subsidiary, shared essential insights from a survey geared toward understanding the shifting dynamics of charitable contributions. The study, gathering feedback from 1126 participants, including Binance users and the general public, sheds light on evolving philanthropic trends.
Survey Highlights
Traditional methods such as cash, checks, and credit cards are still in vogue, accounting for 43% of donation methods. However, blockchain-based donations are rising, with 32% preferring cryptocurrencies for their charitable endeavors.
Although 71% havent tapped into the potential of crypto-based donations, a promising 29% have ventured into this domain, emphasizing cryptos growing acceptance in charitable spheres.
The appeal of cryptocurrencies for donations lies in blockchains inherent strengths. 37% laud its transparency, 32% its efficiency, and 28% value its accountability with traceable transactions.
Crucial aspects when selecting charities include:
Transparency and accountability: Essential for 27%.
The cause: A driving force for 26%.
Demonstrable impact: Vital for 18%.
Charitable sectors gaining traction are:
Humanitarian relief: 22%
Education: 20%
Health: 19%
Regarding charitable engagement, 51% donate as per their capability, while an inspiring 20% are devoted philanthropists.
Binance Charitys Global Impact
Given these insights, Binance Charity has been steering its projects to align with public sentiment. From emergency aid education to health projects, Binance Charity leverages blockchain to redefine philanthropy.
Achievements include:
$10 million in crypto donations for Ukraine crisis relief.
Launch of the innovative Binance Refugee Card for swift and secure funds transfer.
$5 million aid for Turkeys earthquake victims.
Educational endeavors span five continents with 57,000 graduates.
Crypto Against COVID campaign donated $5.7 million in crypto, facilitating the distribution of 2 million PPE items and 500,000 vaccines.
Enabling global non-profits to accept crypto donations via Binance Pay or DeFi wallets.
For a comprehensive understanding of Binance Charitys mission with Web3 technology, refer to their 2022 Annual Report.
Survey Details
The survey spanned from August 19 to September 4, 2023, via the Binance Survey platform. Engaging 1126 global participants, its findings dont reflect Binances views.
About Binance Charity
A non-profit venture, Binance Charity aims to harness Web3 for impactful societal change. Its mission is to make Web3s education and research universally accessible and catalyze global humanitarian projects. Binance Charity, through its transparent donation platform, envisions a future where technology stands as a beacon of positive change. Further details are available at Binance Charity.
Binance stands as the worlds foremost blockchain ecosystem and cryptocurrency service provider. Renowned globally, Binance enhances financial freedom and offers a diverse crypto product spectrum. More about their offerings can be found at Binance.
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Binance Charity Unveils Survey Insights on International Day of ... - FinanceFeeds
Binance To Launch opBNB Layer 2 Network Later This Month – The Defiant – DeFi News
Binance, the top centralized crypto exchange, is gearing up to launch opBNB, a Layer 2 scaling solution designed to significantly boost the throughput of its Layer 1 smart contract platform, BNB Chain.
On Aug. 10, Binance announced it will deploy opBNB on mainnet this month, meaning the deployment will take place within roughly the next two weeks. Binance first unveiled opBNB alongside launching its testnet on June 19.
Binance kicked off a promotional campaign dubbed Odyssey on Aug. 9, with early adopters receiving opBNB Genesis NFTs and being eligible to win a share of $50,000 in prizes. Binance said opBNB Genesis NFTs will confer a set of benefits and utility for its holders.
Users must complete a series of tasks to qualify for the NFT, including bridging assets between the opBNB and BNB Chain testnets and minting their own NFT using opBNBScan. opBNB is built on Optimisms OP Stack, a tech stack for launching customized Layer 2s.
The launch of opBNB follows a longterm downtrend for the total value locked (TVL) and market share of BNB Chain.
Binance launched its first smart contract network, Binance Chain, in April 2019. The network suffered from poor adoption and technical shortcomings, prompting the launch of BNB Chain (then called Binance Smart Chain) in September 2020 amid DeFi Summer.
BNB Chain offered compatibility with the Ethereum Virtual Machine (EVM), meaning developers could migrate code from Ethereum to BNB Chain without making wholesale changes. With the early DeFi boom pushing up transaction fees on Ethereum, BNB Chain positioned itself as a low-cost alternative populated by forks of Ethereums leading protocols.
BNB Chain started 2021 with a TVL of $152M before rocketing to an all-time high of $22B in early May, and then oscillating between $9B and $16B for the rest of the year, according to DeFi Llama. BNB Chain consistently ranked as the second-largest smart contract network until getting overtaken by Terra in December 2021.
While Terra abruptly imploded in May 2022, BNB Chain also lost two-thirds of its TVL last year. The downtrend has continued into 2023, with the network getting overtaken by Tron in Q1 and falling to a $3.1B TVL.
Arbitrum, Ethereums largest Layer 2, also overtook BNB Chain in March after airdropping its ARB token to early adopters. According to L2beat, the airdrop pushed Arbitrums TVL from $3.8B to $5.8B in a single day. Arbitrum currently hosts $5.9B worth of assets, down from a record high of $7B in April.
BNB Chain and other cheap Layer 1 networks also face stiff competition in the form of Ethereums surging Layer 2 ecosystem.
L2s undermine the value proposition of alternative Layer 1s by offering comparable fee savings with the added benefit of inheriting security guarantees from Ethereums $43B Proof of Stake consensus mechanism.
However, some in the crypto community have raised concerns about the lack of working fraud proofs posing a risk to early L2 participants.
Ethereum L2s have been on a tear in 2023, gaining 156% to sit at $10.6B in TVL.
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Binance To Launch opBNB Layer 2 Network Later This Month - The Defiant - DeFi News
Coinbase Gets Approval to Tap Cryptos Biggest Market in Faceoff With Binance – Barron’s
Coinbase Global has won approval to offer cryptocurrency futures in the U.S., a rare regulatory win for the crypto broker that will allow it to tap the largest market in digital assets and more directly compete with Binance, the worlds largest token exchange.
Coinbase (ticker: COIN) announced Wednesday that it had received the green light to offer federally regulated crypto futures to eligible U.S. customers on its platforms. Approval comes as a long-awaited nod from the National Futures Association (NFA), with whom Coinbase filed in September 2021 to become a futures commission merchant (FCM). FCMs play a key role, like a broker, in derivatives markets, including extending leverage, or borrowed money, to traders.
Acceptance from the NFAa self-governing body for the futures industry designated by the Commodity Futures Trading Commission (CFTC), the federal derivatives regulatoris a rare win for Coinbase, and crypto at large. The industry has come under intense regulatory scrutiny over the past year and Coinbase is no exception, charged by the Securities and Exchange Commission (SEC) with operating an unregistered securities exchange, which it has denied.
Coinbase said that its approval as an FCMwhich it called a critical milestonemakes it the first crypto-native company to directly offer traditional spot crypto trading alongside futures products. CME and CBOE, stalwarts of traditional finance, already offer trading in Bitcoin and Ether futures.
Expanding into the futures space has the potential to allow Coinbase to tap into demand for cryptos most popular product: Bitcoin perpetual futures, which have the most liquid market in the digital asset economy. Coinbase highlighted that the global crypto derivatives market represents some 75% of all trading volumes.
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Offering leveraged futures may also help bring feisty retail traderswho have stood at the center of Coinbases trading businessback into the fold. Many retail investors have headed for the hills and abandoned crypto since the beginning of a brutal bear market last year, with lackluster volatility in recent months doing little to lure them back.
The push into derivatives will, at least, put Coinbase into even closer contention with Binance, the worlds largest crypto exchange and an offshore behemoth. Binance hosts the worlds largest crypto futures market and reaps significant profit from offering large amounts of leverage to traders, many of whom trade small and highly volatile tokens. Its unclear the extent to which Coinbase will offer leverage and for which products it will offer derivatives, though Bitcoin and Ether are likely among them.
Coinbase did not immediately respond to a request for comment from Barrons.
Shares in Coinbase were up 1% on Wednesday, outpacing Bitcoin, which was down 1% over the past 24 hours, as well as the S&P 500,
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Since the global crypto derivatives market can be three to four times larger than spot, this approval increases Coinbases total addressable market, Dan Dolev, an analyst at Mizuho Securities, wrote in a Wednesday note. But there are some key caveats.
Dolev is a Coinbase bear, rating the stock at Underperform with a $27 price target far below Wednesdays opening level of $82.51.
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For one, Dolev said, there may be cannibalization risk. Coinbase bought regulated derivatives exchange FairX last year, renaming it Coinbase Derivatives Exchange and funneling business to it through third-party brokers. Also, perhaps crucially, offering futures could pressure the fees at the heart of the spot trading business, Dolev said, noting that derivatives tend to have lower fees than spot.
For now, at least, investorswho have already driven Coinbase stock up 125% this yearare looking past those worries.
Write to Jack Denton at jack.denton@barrons.com
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Coinbase Gets Approval to Tap Cryptos Biggest Market in Faceoff With Binance - Barron's
Binance Connect Shutdown Highlights Crypto’s Ongoing Identity Crisis – PYMNTS.com
The year 2022 could not have been better for the worlds largest cryptocurrency exchange,Binance.
Crypto markets were coming off an all-time high, and the November implosion of rival exchangeFTX, Binances biggest competitor, left the platform alone at the top of the digital asset market.
[F]or now, all Ill say is: well played; you won,tweetedFTX Co-founderSam Bankman-FriedNov. 10, 2022, the day before his multibillion-dollar crypto empire filed for bankruptcy amid a self-inflicted and allegedly criminal solvency crisis.
Then 2023 came and everything changed.
Bankman-Fried wasarrested, extradited from the Bahamas, and now resides in a United Statesjailawaiting criminal trial this October.
Rather than being able to capitalize on FTXs collapse and win market share, Binances own borderless crypto empire instead became the target ofregulatorsaround the world who feared its business model similarities to FTX could be obscuring similar questionable practices.
TheSecurities and Exchange Commission(SEC)filed 13 chargesagainst Binance and its founder,Changpeng Zhao, in June, alleging a variety ofsecurities law violationsand claiming the platform engaged in an extensive web of deception.
Binance has been accused of illegally serving American customers, inappropriately controlling clients assets, and disregarding compliance and anti-money laundering (AML) standards.
Unidentified former company insiders have said the cryptocurrency exchange mixedcustomer fundswith its own revenue the very same bad behavior that took down FTX.
Now, the company is shutting down itsBinance Connectservice, which launched in March 2022 to help companies become crypto-ready and accept payments in crypto, as well as filing for aprotective orderagainst the SEC.
But will the defensive measures pay off?
Read also:Crypto Wilts in Summer Heat as SEC Charges Both Binance and Coinbase
We allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk all in an effort to maximize their own profits,Gurbir S. Grewal, director of the SECs Division of Enforcement, said in the agencyspress releaseannouncing the charges.
It is a statement that some believe could be leveled at nearly any player in the crypto sector, as the industrys reputation as a lawless Wild West ofdigital innovationwas what drew in, and appealed to, many of the sectors most ardent enthusiasts.
The crypto community believed and had a real conviction what they were doing was so new that existinglawscould not possibly apply,Amias Gerety, partner atQED Investors, told PYMNTS. And in the history of financial services, theres basically never been a group of people with any commercial success who had that conviction.
[O]nce you have that conviction, then you start searching for excuses not to comply [with the law], he added.
SEC ChairmanGary Genslersaid May 15 at theFederal Reserve Bank of AtlantasFinancial Markets Conference: [Crypto] business models tend to be built on taking customer funds,comminglingit.
Binance, for its part, described the SECs attack as stunningly overbroad and unduly burdensome requests in acourt orderfiled Monday (Aug. 14).
Binance, Zhao and former Chief Compliance Officer Samuel Lim are also facing alawsuitfrom theCommodity Futures Trading Commission(CFTC), which claims the company was operating in violation of the Commodity Exchange Act and related regulation.
The CFTCs suit, filed in March, described Binance as an illegal exchange with a sham compliance program.
In amotion to dismissthe case last month, Binance argued that its holding company is located in the Cayman Islands, and Zhao is a Canadian citizen, meaning the CFTCs claims should be dropped.
Binance did not immediately reply to a request for comment from PYMNTS.
Zhao has repeatedly dismissed his enterprises ongoinglegalwoes as FUD, or fear, uncertainty and doubt, even going so far as to tweet the number 4 in reference to what he sees as unnecessary FUD.
For an industry whose early and rapid growth was aided by a haze of regulatory uncertainty, cryptos future particularly within the U.S. remains unclear as the newness wears off.
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Binance Connect Shutdown Highlights Crypto's Ongoing Identity Crisis - PYMNTS.com
First Digital USD soars on Binance as overall stablecoin market … – CryptoSlate
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Binance Releases Proof Of Reserves Report | Crowdfund Insider – Crowdfund Insider
Binance recently released its newest Proof of Reserves (PoR) report causing the Binance Coin (BNB) to rise (although this could be due to other market conditions).
Meanwhile, emerging hybrid exchange Tradecurve (TCRV) is also working towards implementing its own PoR. As a result, it claims that it solidifies its commitment to transparency and building trust with its user base.
The largest crypto exchange in the world, Binance, has released its most recent Proof of Reserves (PoR) report, revealing its current digital asset holdings. Moreover, the platforms data indicates that the exchanges PoR was examined on August 1 at 0:00 UTC.
With reserve rates ranging from 101.62% to 117.99%, Binances PoR report shows that the exchanges reserves are much higher than the net balance of its customers for all the listed cryptocurrencies.
This reportedly demonstrates that Binance has more than enough cash to cover prospective customer withdrawals. However, this may not necessarily be the case.
Following platforms like Binance, Tradecurve (TCRV), a hybrid exchange, is working on implementing its own PoR. The need for transparent and verifiable proof of reserves becomes paramount as the platform gains traction and attracts more users.
Tradecurves hybrid infrastructure architecture combines the greatest features of CEX and DEX. Furthermore, it taps into many flourishing markets.
For example, the ETF market was worth $202.53B in June 2022. By allowing all derivatives to be traded on one account, Tradecurve enables users from all over the globe to enter this booming market.
In addition, one of the significant drawbacks of many exchanges is the intrusive and time-consuming KYC verification process.
Tradecurve claims that it eliminates this hassle by eliminating these requirements and allowing the creation of an account using email only. Thus, traders can operate in complete privacy and anonymity.
TCRV operates as the native utility token of the Tradecurve platform.
Its worth noting that Binance revenues may be declining rapidly, according to an extensive report. The exchange is also being sued by US regulators for a wide range of major issues.
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Ethereum, Dogecoin, PEPE note millions in sudden liquidation owing to potential Binance FUD – FXStreet
To the surprise of crypto traders, the past 24 hours turned out to be not exactly what one would have in mind. As the market reacted to the Binance-related news, it also potentially led to an unexpected change in certain cryptocurrencies price action resulting in millions of dollars in liquidations.
Apart from Bitcoin, it was Ethereum that stood out as the altcoin with the most liquidation. Being the second biggest cryptocurrency in the world, it is not a surprise, but the volume of long liquidations stood out from normal. Within the past day, over $15 million worth of long liquidations were observed in the case of ETH.
The other major cryptocurrencies that stood out in this regard were Dogecoin, Pepe coin, ApeCoin and Compound. DOGE noted over $6.13 million worth of long liquidations, marking a two-month high, while the volume of PEPE nearly hit $1 million against merely $80,000 worth of short liquidations.
Dogecoin long liquidation
Similarly, APE recorded about $1.44 million worth of long contracts being liquidated, hitting a monthly high, and COMP followed in suit, observing $809,000 in long liquidations. Collectively, the crypto marketnoted over $121 million worth of long liquidations against $10 million in short liquidations within a day.
ApeCoin long liquidations
While the exact reason behind this is unknown, the sudden shift in tone and liquidations is most likely a reaction to FUD. Earlier in the day, Binances regulated buy and sell arm, Binance Connect, was announced to face closure. This was confirmed by Binance Smart Chain-based decentralized exchange Biswap that tweeted,
After a thorough consideration, Binance has made a difficult decision to disable Binance Connect on 15 August due to its provider closing the supporting card payments service. This change aligns with the strategic efforts of Binance to focus on its core businesses.
Considering the price action reaction to the FUD, the crypto market lost about $14 billion in a day, dropping by 1.2% to hit a total market capitalization of $1.12 trillion.
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrencys price to fall and a bearish trend reversal is likely to occur.
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Binance token BNB on the edge of oblivion – Crypto Daily
$BNB, the Binance exchange token, is on the brink of a potential heavy collapse. Will this bring Bitcoin and the crypto market down?
Following negative downward price action since November 2021, the $BNB token has reached the point where a slide under the critical $220 level could lead to a calamitous -5x crash down to below $50.
Right now the price is struggling to stay within the bottom limits of a bear flag it first entered in early June of this year. The price has already slid out of the bottom of the bear flag at time of going to press, but this break is still to be confirmed.
A nervousness does still appear to be upon the crypto market over recent weeks as bears and bulls both eye bitcoin and ethereum as they approach their own critical trendlines and support levels.
If bitcoin hits the support of its bullish trendline this is likely to be as low as $28,000. The 200 daily moving average is just below this at $27,300. In its favour, the bitcoin hash ribbons indicator very recently signalled a buy. Ethereum is already at and holding its bullish trendline at just under $1,800. This is also the level of its 200 day moving average. Both bitcoin and ethereum could see a significant price drop if these levels break.
The rest of the altcoin market is mostly doing a lot better than either bitcoin or ethereum so far today. Total 3 (all cryptos with the exception of bitcoin and ethereum) is up 1% on the day so far. Strong support at $331 billion is below the current value of just under $337 billion.
$RUNE is still on the charge this morning with a more than 6% gain so far. This is counted in $RUNEs epic 70% rise since the beginning of August, making this crypto one of the biggest movers over the last couple of weeks.
Kaspa ($KAS) has also featured prominently among the altcoins but more so over the longer term. The innovative proof-of-work layer 1 rose more than 330% since May, but has been correcting over the last couple of weeks. It is up 3.6% on the day so far.
The question now is whether or not $BNB can hold its ground at $220 if it should get down there. Many will be shorting the token given how the SEC is suing both Binance and its CEO Changpeng Zhao. Should $BNB indeed make the drop, the token, as well as the exchange, could be in serious financial trouble.
With Binance accounting for much of the trade in crypto, plus holding large amounts of many other tokens, such a scenario could be calamitous for the exchange, as well as for the crypto market in general.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Crypto.com’s inroads into Korea contrasts with struggling Binance –
Finance 2023-08-1716:51 Crypto.com's inroads into Korea contrasts with struggling Binance By Lee Min-hyungCrypto.com, a Singapore-based crypto exchange, is making stable gains in the Korean market but Binance, a global crypto exchange platform, is stuck at a crossroads amid prolonged regulatory challenges.The former is the world's 14th-largest exchange in terms of trading volume. Last year, the company took over OK-BIT, a small exchange in Seoul, in a strategic move to launch its Korean subsidiary. Crypto.com has since faced little difficulty in receiving regulatory approvals from local watchdogs. The company is in the final stage ahead of the official launch of its Korean affiliate Crpyto.com Korea possibly sometime before the end of the year.But investors raised questions over why Korean authorities are not allowing Binance, the unmatched leader among global crypto exchanges, to operate here. Binance also took a similar step earlier this year through the acquisition of GOPAX, a more locally influential exchange than OK-BIT.The Financial Intelligence Unit, the competent authority granting virtual asset service provider (VASP) licenses, however, appears to take an unwaveringly negative stance to Binance, delaying legal procedures without giving the exchange the license to do business here. It normally takes a month and a half for the authority to make a decision on whether to grant the VASP license to crypto business operators.Corporate logos of Crypto.com and Binance / Courtesy of each firmIndustry sources said the contradictory step clearly shows Korean authorities' negative views on the inflow of Chinese capital, as Crypto.com has won the license."The outlook for Crypto.com's timely business operation here is bright in that the company has faced little regulatory hurdles," an industry official said. "This is in contrast to the situation of Binance. The industry expects the world's largest crypto exchange to continue facing regulatory obstacles due to what appears to be a biased stance from the local watchdog, as this was not the case for Crypto.com."Patrick Yoon, general manager of Crypto.com's Korean subsidiary, took office in September 2021. He is known to have stood at the forefront of the firm's years-long efforts to do business here. Yoon is a financial expert with around two decades of experience in major global investment banks and financial firms such as Morgan Stanley, Standard Chartered Bank and Visa.While Yoon has been spearheading the preparation for its inroads here for more than a couple of years, Binance carried out a drastic reshuffle of top management after acquiring GOPAX, the fifth-largest crypto exchange here, in early February. Binance changed the leaders at GOPAX three times this year alone, in an apparent move to seek earlier approval from the local authority. But all of the attempts have so far failed to generate a tangible outcome."Most industry officials here share a pessimistic outlook on Binance's timely inroads into the Korean market," another source from a local crypto exchange said. "The frequent reshuffle of top management may not be an answer for its expansion into Korea. But the specific reasons behind such moves remain unclear, as authorities and Binance remain quiet over sharing further details."
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Crypto.com's inroads into Korea contrasts with struggling Binance -