By
Chimamanda U. Martha
April 23rd, 2024
During an ‘ask me anything’ session, Binance CEO spoke about the upcoming launch of Binance.US, the recent IDO, and provided details of the Binance IEO.
Recently, Binance CEO Changpeng Zhao held an ‘ask me anything’ session where he provided some comments on the company’s current developments and shared their plans for the nearest future.
Binance.US To Launch Within Three Months
As Changpeng Zhao stated, the world’s largest cryptocurrency exchange by volume is going to expand its services and launch the DEX platform in the US within three months. It is expected that the initiative will be fully compatible with the requirements of lawmakers so that Binance DEX in the US could be reached by customers from any country without restrictions.
Further, Changpeng Zhao said that DEX platform will be accessible for everybody through various wallets, including TrustWallet. However, there may be restrictions on accessing binance.org.
While the Binance.US will start operating, Binance.com will stop serving US individual and corporate customers on Binance.com in September. Users who are already trading on Binance now have a period till September 12th after which they will be unable to deposit funds to the site or trade at all.
This week, beta testing of the Binance.US platform is set to be conducted. As for the list of tokens that will be traded on Binance.US, it is not final yet. As Changpeng Zhao noted, he understands those who expect Binance Coin (BNB) to be listed on the Binance.US, however, he can not promise anything.
At the same time, CZ stated that the number of listings on DEX is planned to be increased, and the most popular tokens on DEX will get immediately on the main exchange.
Crypto-Pegged Tokens On Binance Chain
As we have recently reported, Binance is going to issue a number of crypto-pegged tokens on Binance Chain (BEP2 token format), starting with Bitcoin-Pegged Token (BTCB). The token pegged to number one crypto is available for trading on Binance.com. Moreover, the company will also try to push this new token to its decentralized platform Binance DEX.
As Changpeng Zhao commented, the token is currently provided with 9001 BTC, and the developers will try to keep almost zero spread.
The First IDO Completed By Raven Protocol
Recently, the first Initial DEX Offering (IDO) was completed and Raven Protocol was listed on Binance DEX in pair with Binance Coin (BNB). All participants had to pass a KYC check. The hard cap of IDO was $500,000 (15,000 BNB) and the total token supply -10,000,000,000 RAVEN. 3% of this amount was allocated for the IDO.
According to Binance CEO, the exchange does not control IDOs. If someone wants to hold an IDO, then Binance will not interfere. Users are only recommended to examine the structure of sales and the work of DEX in advance.
Binance IEO
On Thursday, Binance is planning to announce a new Initial Exchange Offering (IEO). According to Changpeng Zhao, the sales process will be changed. BNB hold will last 9 days, then there will be a random snapshot. Moreover, the total cap will be much smaller.
It is also notable that BNB hold will be on the main exchange, not on DEX. Shoulders in the margin will be x2-3, and users can only take borrowed funds, not give their credit.
On July 15th, burning BNB is set to take place. As Zhao said, they will burn the amount they consider necessary, without reference to profits, so that there are no associations with security tokens. Anyway, it will be millions of dollars.