Binance.US Enhances Transparency in Listing Process Amid Legal Challenges
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Binance US, the American division of the world’s largest cryptocurrency exchange, Binance, has revealed its latest update, designed to enhance transparency and engage users by proactively disclosing potential assets being considered for listing on its platform.
To streamline the addition of new digital assets to their platform, Binance US will announce specific assets under consideration for listing. These announcements will occur case-by-case to create a more transparent listing process and offer customers and the community better visibility into upcoming listings.
A part of the official announcement read, “Today Binance.US is pleased to announce an update to our digital asset listing process. To facilitate the addition of new digital assets to our platform, we will proactively announce select assets under consideration for listing.”
As part of this initiative, Binance.US is evaluating Sui (SUI) as a potential asset for listing. Sui operates as a delegated proof-of-stake network that supports the Move development language, designed specifically for blockchain concepts. The Move language enhances smart contract security and programmability. Additionally, Sui aims to support various decentralized applications across Web3 and decentralized finance.
This change comes as Binance.US faces legal challenges from the U.S. government. The U.S. SEC sued Binance.US, its parent company Binance Holdings, and founder Changpeng “CZ” Zhao, alleging they ran an unlicensed securities exchange.
SEC chair Gary Gensler had said, “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law. As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.”
Filed under: Bitcoin - @ October 14, 2023 6:03 am