The latest Binance news show that the exchange’s branch that is active in the United States, named Binance America, recently broke the $10 million volume mark. As the updates show, it would have taken longer to unlock this achievement before.
At press time, the exchange has seen more than $10,480,000 in daily trading volume according to data published by the Binance America CEO, Catherine Coley. Previously, we reported that Binance.US went live on September 24 of this year and initially offered 13 fiat to crypto and crypto to crypto trading pairs.
Slowly, but surely! It has been a busy first month.
Thank you for trading on https://t.co/NDRVQIXfNf! #AchievementUnlocked #BUIDL #UsersFirst 🇺🇸 https://t.co/LLewsd3yi2— Catherine Coley (@cryptocoley) October 23, 2019
The pairs basically included all the major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB) and the Tether (USDT) stablecoin.
Before the news about Binance America hitting new records, we saw that the exchange launched its Bitcoin futures and with that hit a $700 million record as other platforms saw lackluster activity.
Meanwhile, Changpeng Zhao is also in the news today for stating that Putin is the major blockchain regulator right now. When talking about the exchange and its milestone, Zhao was in the news too, stating the following:
“Took Binance longer to unlock this achievement back in the day,. Most people underestimate the effort involved in jump starting a new platform.”
As per the announcement from October 22 indicated, Binance has this week launched support for two cryptocurrency assets: IOTA (MIOTA) and Binance USD (BUSD). It seems like the exchange is actively pushing more and more coins to its database.
For those of you who don’t know, Binance USD is a USD-backed stablecoin launched by Binance along with the digital trust company Paxos this September. Just like several other fiat-pegged stablecoins, the asset managed to receive regulatory approval from the New York State Department of Financial Services (NYSDFS).
Before this, the head of Binance Changpeng Zhao told reporters that from his perspective, the Russian President Vladimir Putin is the most influential person in the blockchain space. On top of that, Binance this month revealed that it was poised to add support for the Russian ruble on its flagship cryptocurrency exchange.
In the Bitcoin news, we can see that the market suffered another drop and BTC has fallen below $8,000 once again, dragging many altcoins along with it.
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“Last week was a tough one. [...] We had a number of performance issues, which negatively impacted the accessibility of our platform.”Per the report, we can see that Binance trading platform was unable to manage all users and keep market data, the orders and the balances up to date. The firm also promises to solve the issues soon and encourages users who were damaged by these performance issues to get in touch with the support.
Binance Will Compete With Amazon’s Cloud Services
“Theoretically speaking, we can let anyone in the world create their own exchanges, and the demand is huge. Even during the crypto winter of 2018 and 2019, hundreds of new exchanges popped up every day.”Changpeng Zhao added that the platform will be focused on revenues and numbers since profit is clearly the end game as moving into an enterprise-oriented business that could help the startup unlock an improved revenue stream. Right now, Binance makes the bulk of the billions in trading transaction fees which as grown as the company has expanded into a number of different countries across the world that offer regulated fiat on-ramps were there were only a few options before. World domination is the main ambition as CZ added that Binance will favor fiat exchanges as cloud clients. The company will target the regions or communities where it yet to create a strong foothold. The report added that Binance will further announce the first exchange powered by its cloud service in the upcoming weeks and confirmed that there are four other clients and CZ stated that the liquidity problem that the smaller exchanges have and added that the clients will be able to access the order books of the trading pairs on the exchange.
Binance Prepares To Tap Into Singapore’s Market
“We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”As the crypto exchanges expand into new markets, the local governments are attempting to decide how to regulate them. The Payments Services Act is the first legislation that the exchange should consider as Binance prepares to expand into this new region. Right now, Binance is making big steps but is not the only to see the potential of Singapore's new regulations. The crypto exchange operators Luno, based in London, as well as Liquid based in Tokyo, have also expressed their intention to apply. Binance prepares to tap into the Singapore market but is right now still waiting for regulatory issues. The exchange has proven that it can led the way and move forward, inspiring other exchanges and showing the world that it is the exchange authority many should look up to. Meanwhile, the performance of BNB in the Binance coin news may worry some as it posted a 8% decline overnight in another major sell off that is occurring on the markets, arriving at a new price at $22.72. Bitcoin SV (BSV) suffered the most, losing 15% overnight and now trading at $268.55. The total cryptocurrency market cap is now at $281 billion and the 24 hour volume is relatively low. Bitcoin's dominance has increased in the wake of the altcoin breakdown and is now at 63.5%.
Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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