Recently in a blockchain event which happened in Singapore, Binance CEO, Zhao Changpeng, accidentally announced that a new exchange in Singapore will soon be rolling out. The fiat-to-crypto exchange beta testing ended yesterday, judging from the information given. But the real beta version of the exchange will only be available for a small group of people for testing.
Further details on the upcoming exchange were not given.
Yesterday Binance LCX, a joint venture between Binance and LCX, announced the launch of a fiat-to-crypto exchange in Liechtenstein. Binance will provide and maintain the technology platform, while Binance LCX manages customer support, legal requirements, due diligence, KYC, AML and government communication, says in their press briefing. The exchange will offer trading between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies pairs, and add more trading pairs overtime subject to regulatory approval.
“I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team at Liechtenstein,” said Changpeng Zhao, CEO & Founder Binance.
In a recent tweet from @cz_binance which is the official account of the Binance CEO Changpeng Zhao, reads that Binance has released a pre-Alpha version of their new decentralized exchange called the Binance Chain.
In a video which has been shared within the tweet, the Binance CEO explains that they anticipated a much longer development process. The exchange itself is still in a very early stage of development, so they like to call it more a demo than a pre-Alpha. CZ warns the users not to expect much from this release, but the ability to demo the issuing or creation of a token, listing it and trading it against another token on the decentralized exchange will be available.
Also on the video, Binance is showing the practical side of this, presenting how to do the token creation, listing and trading within the DEX.
These are the three most essential features of the new DEX, Binance Chain. As CZ already mentioned, not much is to be expected from this release, since in doesnt have a user interface (UI) yet.
Decentralized exchanges are considered as more secure than centralized ones, which are more vulnerable to hacks. Decentralized platforms are set up in a manner which allows users to retain ownership of their coins using private keys.
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