12/10/2023 0 Comments Binance chain wallet iosAnd among the current and emerging DEX players in the market, we are in a unique position of knowing how to run a secure exchange platform that quickly processes billions in transactions for millions of people. In addition, DEX platforms face speed and liquidity issues, which leave them lagging behind their centralized peers.Īt Binance, we are fully aware of the issues that hinder DEX platforms from reaching a wider user base. The user experience on existing DEX platforms is less intuitive and user-friendly compared to centralized exchanges. However, the current DEX options face issues that hinder them from growing as widely used platforms. Unlike centralized exchanges that may be subject to downtimes, a DEX is kept running by nodes distributed around the world and codes that execute functions. With a DEX, a person fully holds his crypto funds and directly plug into the network to trade without needing to provide personal information. Below, we explain what sets BNB Chain and DEX apart.Ī DEX is a great manifestation of Binance’s mission to spread the freedom of money. The first use case for BNB Chain is Binance DEX, a new decentralized exchange (DEX) that aims to carry over the best features of the current Binance exchange in a decentralized setting, while also offering the benefits and security of a DEX. Together, we want to ensure the creation of a blockchain that will serve as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner. īNB Chain is a blockchain project initiated by Binance and has since involved a whole community of Binancians. After months of groundbreaking work, we’re hours away from the testnet launch of the all-new BNB Chain, set at February 20. And during the months that passed since the launch of Binance, amid all the expansions we made for the Binance ecosystem, the blockchain project remained an important step in our goal of exchanging the world. Ever since Binance was created, we have envisioned the creation of a native blockchain for our platform. For more information, see our Terms of Use and Risk Warning. This material should not be construed as financial advice. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. You should only invest in products you are familiar with and where you understand the risks. Past performance is not a reliable predictor of future performance. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. The value of your investment may go down or up, and you may not get back the amount invested. Risk Warning : Digital asset prices are subject to high market risk and price volatility. While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.īinance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Binance continues to be committed to working collaboratively with regulators around the world and are additionally focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets (MiCAR).Įxisting Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take. Binance will continue striving to obtain authorizations to provide our products and services to users in the Netherlands.īinance is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania. Although we explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.īinance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator. No further purchases, trades or deposits will be possible. Starting from at 00:00 UTC ( at 02:00 UTC+2), existing Dutch resident users will only be able to withdraw assets from the Binance platform. With immediate effect, no new users residing in the Netherlands will be accepted. We regret to announce that Binance is leaving the Dutch market.
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