Coinbase’s competitor and crypto exchange veteran CEX.io has opened a new U.S. office. The reports that we have in our coming altcoin news below, explain more about the decision so let’s find out.
Cex.io is one of the few exchanges that accepts credit cards for many years back so the company finally decided to launch a US wing. Coinbase is now in a really weird position since Binance also started expanding across the world so they have to do something in order to keep the clients coming in the upcoming years. The main branch of Binance currently offers credit card deposits via the Simplex service which integrates multiple exchanges and wallets in order to help people acquire crypto at a premium. Coinbase, on the other hand, offers market-rate crypto and a fee which usually plays a major role in the market’s rolling volume. If CEX.io opens a similarly attractive product, traders expect that it will surpass the influence of both of the previously mentioned exchanges.
CEX.io has done about $5 million over the scope of the 38 trading pairs it offers. By expanding to the US customers, the statistics will improve dramatically especially if the exchange focuses on the main target which is all of the unsatisfied customers of Coinbase to move to CEX. Coinbase’s competitor has some serious job ahead since many exchanges struggle with scale and have a hard time to process customer support requests. Also, many minor exchanges engage in different tactics in order to increase their statistics which includes wash trading and transaction mining. CEX.io wrote a notice to its customers:
“CEX.IO has already been operating in 20 U.S. states that allow anyone to facilitate fiat-to-crypto transactions. And we’ve received 9 new Money Transmission Licenses (MTLs) in 2019!
“Our next move is to obtain an MTL in every state in the U.S. and continue in our mission to provide a regulated, trusted path for the general public to participate in the digital economy.”
As reported in the latest cryptocurrency news at DC Forecasts, Binance will have a lesser hill to climb than CEX which according to the Google search results, the exchange yields more good results than bad. The minor hack that occurred already fades as the giant gets stronger and bigger.
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