Binance.US has overhauled its process for the public listing of digital assets. This updated framework permits the platform to openly share information on which tokens it is considering for future listing, providing valuable insights to both its user base and the wider crypto industry.
The decision to publicly disclose a potential listing is shaped by various contributing factors. Among them are anticipated trading volume, liquidity, and user demand. Additionally, any asset being considered must also satisfy stringent regulatory requirements as mandated by U.S. laws. Furthermore, the level of community involvement surrounding a specific asset is a significant determinant in its qualification for listing on the platform.
Currently, attention has been drawn to the native token of the Sui Network, known as SUI, as it undergoes assessment for possible incorporation into Binance.US’s trading offerings. The Sui Network functions on a Delegated Proof of Stake Layer 1 architecture, distinguished by its unique “object-focused” approach. This design feature enhances the security and programmability of asset storage at the network level. The architecture also supports non-consensus token transfers, in turn, augmenting the network’s scalability and composability.
The Sui Network employs Move, a programming language that further refines the abstraction of accounts and cryptocurrency assets, thereby improving the security of smart contracts and their overall functionality. The network aspires to host a broad spectrum of decentralized applications, in sectors ranging from Web3 to decentralized finance (DeFi), similar to other Layer 1 networks like Ethereum and Solana.
To gain inclusion in Binance.US’s trading offerings, the Sui Network must satisfy a rigorous set of criteria that extend beyond technological capabilities. Other factors like the extent of community involvement and compliance with U.S. regulations also come into play.
This development is a significant step forward for Binance.US, especially at a time when the platform is navigating through regulatory challenges. Notably, the exchange has experienced a decline in trading volume, standing at $5.43 million over 24 hours, in contrast to Coinbase’s $580 million, as per CoinGecko data.
This decline can be attributed to legal actions initiated by the U.S. Securities and Exchange Commission (SEC) in June. The SEC has leveled multiple charges against Binance and Binance.US, including the offering of unregistered securities and wash trading, which led to the suspension of over 100 token trading pairs on Binance.US. The platform also stands accused of failing to register as a broker-dealer and for not properly registering its staking service.