FTX Launches Support For Binance Smart Chain BEP-20 Tokens Within Its Wallet Services
FTX, the prominent crypto exchange, has launched support for Binance Smart Chain BEP-20 tokens within its wallet services.
It has been reported that Sam Bankman-Fried, the CEO of FTX, said:
“Ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I think deposits are; otherwise they will be very soon.)”
However, based on the information available, FTX wallets now actively support withdrawals for Binance USD (BUSD) and Binance Coin (BNB), both native to the Binance Chain. The company will soon enable users to make deposits via BSC BEP-20 tokens.
The report said that the services are not yet available for the United States-focused FTX platform, FTX US, and other prohibited jurisdictions. In a previous interview, Bankman-Fried opined that governments would require three to five years to provide regulatory clarity for crypto businesses wishing to operate within their jurisdictions. The entrepreneur also reportedly spends “five hours a day on everything from regulation to licensing.”
Likewise, the company has also limited its users to leverage trades up to 20x instead of offering up to 101x. The intention behind this move was to minimize the inherent volatility risks associated with crypto trading. Surprisingly, the exchange has not witnessed a reduction in trading volumes after the announcement. Complimenting the crypto exchange’s technological developments, FTX’s latest Series B investment round saw over 60 participants.
The deal placed FTX’s valuation to a whopping $18 billion, a 1,400% increase from previously $1.2 billion. Other market leaders such as Binance also follow similar methods to promote low-risk trading and increase market adoption.
Thus, Changpeng Zhao (CZ), the CEO of Binance, stated that limiting new users to 20x leverage on futures trades was something he didn’t want to make a thingy.
Source: Cointelegraph