Binance Is Considering Listing 30 Coins On Its Proposed Exchange

Cryptocurrency exchange Binance is evaluating 30 coins for listing on its proposed US subsidiary. The Malta-based exchange is arguably the world’s biggest cryptocurrency trading exchange by volume. Last month, it announced plans to launch an exchange in the US and has taken steps to ensure compliance with regulatory authorities.

The exchange’s list of coins that it is evaluating is fairly extensive. It consists of established cryptocurrencies, such as Bitcoin, as well as coins which are not so well-known to mainstream investors, such as Zilliqa or ZIL. In the Medium post listing its coins, Binance stated that it had adopted the digital asset risk framework to evaluate the coins. Five important criteria, which include the asset’s effect on Binance’s compliance responsibility and whether the it has a clear plan to tackle global issues efficiently, are used for evaluation in the framework.

Competition With Coinbase

Most of the coins being proposed for listing on Binance US are also listed on Coinbase. As such, Binance seems to be setting itself as competition to Coinbase in the US. Coinbase currently supports about 13 tokens for US customers. Coinbase does not list Binance’s native token BNB, which is considered a security. In fact, some of the proposed coins on Binance’s US exchange might never actually launch due to regulatory issues.

It is also worth noting that in total, the Binance exchange captured about 54% of all crypto trades in July. On the other hand, the Coinbase exchange captured 14% of all trading. Other major exchanges in that month were Bitfinex at 10%, Kraken at around 8%, Bitstamp at 6 and BitFlyer at 3%.

But Coinbase, which boasts more customers than Charles Schwab, has gained the maximum market share since July 2018. Coinbase has also announced its intention to add eight new coins to its exchange. The San Francisco-based company wants to cover 90 percent of the total crypto market by value.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.