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Binance drops to ninth position on average daily transaction volume metric; OKEx climbs to second, claims report



Binance, touted to be the largest cryptocurrency exchange in the world, has dropped to the ninth position in terms of average daily transaction volumes, according to a new report. The exchange based in the “blockchain island” of Malta relinquished its hold on the top spot for the first time in 2019.

The recent Exchange Review report for April 2019, published by Crypto-Compare, sported a surprise leader when considering crypto-to-crypto exchanges on the basis of average daily volume. FCoin, with an average daily volume of $1.56 billion, beat Binance and OKEx.


FCoin, the Hong Kong-based exchange was absent from not only the top 5, but also the top 10 in the past month. However, a seemingly positive month surged it to the apex on the CryptoCompare report. OKEx took the second spot, while BitMart, ZB and Bitforex completed the top 5.

Binance fell to the ninth spot, with an average trade volume of under $580 million, down by whopping $200 million, when compared to its March numbers. Two exchanges, FCoin and OKEx, amassed over $1 billion in daily trade volume, whereas in March, only OKEx could manage a 10-digit average daily volume.

FCoin held over $35 billion in total monthly volume. The same metric for the exchange was under $10 billion a month prior, which is a massive 300 percent increase. OKEx also held just about $35 billion. However, the month on month increase was not substantial as the exchange held $31.21 billion in monthly volume in March. Binance’s total monthly volume placed it on the fourth spot, holding over $27 billion in volume for April.

The Maltese exchange, for the first time in 2019, made way for its counterparts from Hong Kong. FCoin, LBank, and HitBTC, the three HK exchanges in the top 10, defied the Maltese giants, with a total average daily volume of $2.71 billion.

Source: CryptoCompar


When fiat-to-crypto exchanges were analyzed, the tale remained the same. Bithumb, recovering from its March hack, and Upbit held the top 2 spots, while Coinbase overtook Bitfinex for the third spot, following the latter’s NYAG-Tether fiasco. Bithumb accounted for over $430 million in daily volume, while Upbit only amassed $164 million.

Exchanges like Coinsbit, Kraken, Bitstamp, STEX, Yobit, and Bitbank completed the top 10. The country composition is fairly mixed, with South Korea and the USA the only countries with two representatives in the top 10.

All-in-all, for the month of April, the top 15 exchanges on the crypto-to-crypto side saw a 57 percent average increase in volume.

However, these numbers should be taken with a pinch of salt, given rampant exchange volume fudging. Revealed by the likes of The Tie, Messari Crypto, Bitwise Asset Management and CoinGeek, several cryptocurrency exchanges fake their volume by “wash trading,” in order to increase their popularity in the cryptocurrency industry.


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Speed, ease of use are Binance’s primary differentiators, claims CEO Changpeng Zhao



While the mainstream media often highlights the probable impact of non-financial players in the cryptocurrency space, only crypto-enthusiasts notice the decade of work put in by today’s crypto giants. Leading one of the world’s largest crypto-exchanges, Binance, CEO Changpeng Zhao recently featured in a video to share some insights about the company’s roadmap and its contribution to the crypto-ecosystem.

Zhao started the interview by clarifying that Binance is no longer just a crypto-exchange. He added that the company now had a diverse line of businesses, including fiat exchanges, Binance Labs for project investments, Binance Launchpad for public funding and Binance Research for information distribution, to name a few.

Surprisingly, Binance has maintained an organic and dynamic approach towards the addition of businesses into the BNB ecosystem. Instead of paying institutions, Zhao said,

“What we do in return is help them (business withing the BNB ecosystem) market. So I’ll retweet them and will try to help public publicize them. We just got to be reactive in order give the proper support for this ecosystem.”

CZ added that Binance chooses two features as its primary differentiators, speed and ease of use. In his own words,

“Without speed, you don’t get liquidity.

The young entrepreneur stressed on Binance’s vision to give back to the society through various blockchain-based charities. Such efforts on Binance’s part have improved efficiency and transparency, he claimed. CZ added,

“With the transparency increased, there’s more people willing to donate. Today, if you donate 1 BNB, you can track it to see which school it went to Uganda and which kids it helped.”

This can also be used as a measure to counter corruption associated with traditional charities. Binance also leverages its charity drive to increase crypto-adoption by allowing donations through BNB only, ultimately increasing crypto-awareness in new demographics.

Concluding the interview, Zhao shared his excitement about increasing crypto-participation by non-financial giants, stating, “the more the merrier.”

Source :ambcrypto

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Binance steps up its game by introducing tokens pegged to Bitcoin [BTC]



Binance has been taking prominent steps in terms of expanding its services to customers all around the globe. The exchange made another significant announcement earlier today, the launch of tokens pegged against the largest cryptocurrency, Bitcoin [BTC]. Notably, the tokens will not only be pegged to Bitcoin but also to other leading cryptocurrencies. The details pertaining to the other digital currencies are yet to be announced by the exchange.

The exchange said in a blog post,

“We are launching tokens on Binance Chain that will be pegged to leading cryptocurrencies. This will start with a Bitcoin-pegged token that will be traded on Binance and proposed for trading on Binance DEX”

It further stated,

Binance will issue a number of crypto-pegged tokens on Binance Chain (BEP2 token format) in the coming days, starting with BTCB, a BEP2 token pegged to Bitcoin”

The exchange also assured that these tokens are 100 percent backed by its native cryptocurrency “in reserve”, and that they would also be releasing these addresses to the public if anyone wants to review or audit it. Additionally, this initiative will mainly benefit users of Binance’s decentralized exchange venture, Binance DEX, with the noteworthy plus points being increase in trading volume and liquidity.

The blog post further remarked,

“While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting to hold their funds anyway.”

This aside, the exchange has already taken its first step towards this initiative as it has minted its first Bitcoin-pegged token, BTCB. The exchange stated that it has reserved 9001 BTC and has minted the equivalent amount of BTCB, which will be listed on the platform in the coming days.

Source :ambcrypto

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Binance Set to Launch Crypto-pegged BEP2 Trading Pairs and Intends To Increase Liquidity On Its DEX Platform



Based on a recent report, crypto exchange— Binance has made it known that it will be offering some crypto-pegged BEP2 trading pairs starting with a bitcoin-pegged coin-BTCB. The exchange intends to offer these crypto-pegged coins on its DEX platform.

With this, customers of the exchange will be able to trade using the BTCB/trading pair which will be like that of a pegged token and its own virtual currency.

Binance stated in the report that:

“We are launching tokens on Binance Chain that will be pegged to leading cryptocurrencies. This will start with a Bitcoin-pegged token that will be traded on Binance and proposed for trading on Binance DEX. Binance will issue a number of crypto-pegged tokens on Binance Chain (BEP2 token format) in the coming days, starting with BTCB, a BEP2 token pegged to Bitcoin.”

The exchange further stated that individual crypto-pegged BEP2 token will have the full support of the native digital currency and it (Binance) will also provide the address to the reserve wallet in order for people who are interested to be able to do their own personal audit.

The Chief of Binance, Changpeng Zhao posted a comment on Twitter just a few hours before the announcement of a 9001 BTC transaction generate from the platform’s wallet.

“There will be a transfer of 9001 BTC soon, no need to FUD. It’s for a good thing, details to follow. Waiting for whale_alert.”

Anyone looking to get more details regarding this project will have to check out Binance official link explaining it all.
Although it doesn’t look like the exchange is hiding anything, there is a need to thoroughly investigate fiat-pegged stablecoins especially when a part of the publication states that:
“The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.”

Expanding Liquidity on the Binance DEX

By introducing crypto-pegged trading pairs, Binance will be expanding the markets for traders on its platform which is expected to help increase liquidity on its DEX platform.

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