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Binance.US, one of the foremost cryptocurrency exchanges in the United States, has made a significant announcement regarding its digital asset listing process. The update is geared towards enhancing transparency and fostering user engagement by proactively disclosing potential assets that are being considered for listing on their platform.
SUI Among the Potential Listings
Binance.US is currently evaluating Sui (SUI) as one of its assets. Sui is a delegated proof-of-stake network that supports the Move development language, which is specifically designed for blockchain-based concepts. The Move language enhances smart contract security and programmability. Moreover, Sui aims to support various decentralized applications across Web3 and decentralized finance.
Read Also: Binance Launches SUI Token Perpetual Contracts
Binance.US is committed to diversifying its portfolio and offering users access to promising investment opportunities by announcing Sui as a potential listing. When selecting assets for proactive announcement, the exchange considers various factors, including market demand, forecasted trading volume and liquidity, regulatory standing in the United States, and community engagement.
Binance.US Faces Legal Hurdles
The update to the listing process comes at a time when Binance.US is facing legal challenges from the US government. The Securities and Exchange Commission (SEC) has recently filed forward 13 charges against Binance entities and founder Changpeng Zhao, accusing them of acting as an unlicensed securities exchange in the United States. In June, the SEC also requested a federal court to freeze Binance’s assets in the country.
Due to the ongoing legal dispute, Binance.US has experienced a significant decrease in its trading volume, which currently stands at only 5.43 million US dollars within the past 24 hours. In sharp contrast, Coinbase, Binance.US’s primary competitor in the US market, registered an impressive trading volume of 580 million US dollars during the same period.
Binance.US Remains Optimistic
Despite facing legal challenges, Binance.US maintains an optimistic outlook for its future while upholding its commitment to transparency and compliance. The exchange actively explores innovative growth opportunities within the dynamic cryptocurrency industry, implementing changes to its listing process and proactively engaging users. Binance.US aims to regain momentum and solidify its position as a prominent player in the cryptocurrency exchange market.
Read Also: Upcoming Binance Listing For 2023
The developments of the legal case and potential listings of Binance.US have garnered significant attention from the cryptocurrency community and industry experts. Many are hopeful about Binance.US overcoming its challenges and resuming its growth trajectory soon.
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