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Binance moves a staggering $100B in single day trade – CZ

TL;DR

TL; DR Breakdown

  • Binance reports moving a staggering $100 billion in a day’s trade. The figure is the exchange’s new all-time high (ATH).
  • The firm’s chief executive officer Changpeng Zhao (CZ), broke the news in a tweet. This news coincides with its Binance Smart Chain reporting it had also hit an ATH of over 1.62 million active daily addresses.

Binance, the leading crypto exchange, handled transactions worth $100 billion yesterday, 20 October. The firm’s CEO, Changpeng Zhao, broke the news today.

CZ reported the development in a tweet this morning. The figure is the highest that the exchange has moved in a single day’s trade. The feat cements Binance’s spot at the helm of crypto exchanges worldwide.

The news coincides with its Binance Smart Chain (BSC) blockchain (BC), reporting it had hit a new active daily address, ATH. BSC reports that it had registered 1,624,489 active daily addresses in the last 24 hours. 

The exchange has had a difficult time this year, making its gains more impressive. First, it had to cease most of its operations in Mainland China. This move became necessary following China’s ban on crypto transactions and mining.

Following Beijing’s crackdown on crypto, Binance has announced it’ll end trading in the Yuan. The move means that its users cannot exchange the currency for cryptos or vice versa. Again, the exchange will migrate its mainland customers to a ‘withdraw only mode.’

Regulators have faulted Binance for non-compliance

But Binance’s woes have also extended beyond China. It has found itself in hot soup in several countries for non-compliance with regulatory requirements. 

For instance, it has had to pull the plug on its derivatives product across Europe. It has announced a similar move for Australia by the year’s end. It has also scaled down on the product’s offering in Hong Kong.

Britain has banned it from operating in the country altogether. Meanwhile, the Dutch regulator has put it in a spot for non-compliance on money laundering and financing terror. 

It also has stopped serving the Singaporean market. The decision followed the country’s regulator’s warning that it didn’t have the license to operate there.

That said, Binance has been swift in responding to these setbacks. For starters, it has shut down its operations in contentious areas. In other instances, it gas stripped its offerings to the public. 

Again, it has enhanced its customer vetting process. That is in keeping with anti-money laundering and anti-terror financing laws. Further, CZ had said they were working with regulators to iron out sticky issues in their compliance.

Binance has been making the right moves

Outside of the controversies that engulf it, the exchange is gaining positive press. For instance, it has just concluded its 17th quarterly burn. The event took approximately $ 640 million worth of its Binance token out of circulation, shoring its value.

Additionally, the firm has announced a $1 billion development fund for its BSC. The fund aims at ramping up the adoption of BC tech and digital assets.

It has earmarked half of these funds for BC-based financial services, gaming, and virtual reality investments. Another $300 million will fund its builder program. And talent development and liquidity incentives will each take $100 million.

The exchange is finalizing the listing of a Lazio FC fan token. The non-fungible token (NFT) will allow the club’s fans the opportunity to collect and share its history.

Its NFT marketplace has incorporated multi-chain support for NFT deposits and withdrawals. The feature enables users to move their NFTs between the BSC and Ethereum networks.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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