Ethereum’s Biggest Threat Could Be Binance According To Analysts

Ethereum’s biggest threat is a totally unexpected entity assaulted on a different front and that is-Binance. The cryptocurrency is under constant attacks over the past few months so in the altcoin news today we find out more about its newest threat.

The binance cryptocurrency exchange now refuses to list tokens against ETH on the trading platform so there were few cases that ended up removing ETH trading pairs. However, the Binance Chain continues to entice the ethereum-based projects in order to migrate to the blockchain with the promise of a listing on the exchange they would otherwise not have.

The official announcement from Binance details new coin listings that go way back in the past few months. During that time, many coins have been added to the exchange and some of those were launched on the Binance Chain while others moved there from ethereum. The latest example that we have is the listing of Ontology Gas on February 15^th which was the announcement that ONG/BNB and ONG/BTC trading pairs were launched. However, there is no sign of Etherem despite being the second most traded cryptocurrency in the world. Binance was not the only platform to decline ETH trading for the newly listed coins. Red Pulse Phoenix also migrated to the Binance Chain and removed the ETH pairs.

It remains that Ethereum’s biggest threat could really be Binance. The founder and CEO Changpeng Zhao denies that the delisting was on purpose. He stated publicly that he wants to see Ethereum and Binance ‘’grow together.’’ He has been ringing the alarm about the overwhelming centralization of power by the crypto exchanges but according to all measures, Binance is one. Buterin pointed out:

 “They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”

As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:

 “We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”