The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
“I haven’t encountered many who would try to put up more barriers for new users,” said Maria Shen, a partner at Electric Capital, a venture capital firm focused on cryptocurrencies. Still, she added, “the wallet space is fairly competitive, so it’s not unthinkable.”
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In fairness, this is not due to any failing from Binance.US specifically, but rather, is due to the regulatory hurdles it must contend with. That being said, Binance.US currently has 53 cryptocurrencies (including stablecoins) available for trading.
Since 2017 Binance has grown quickly to reach its current position. However, the rise of this crypto giant was not smooth. In the quickly changing environment of cryptocurrency, government regulations are often several years behind the cutting edge. This was the case for Binance, which came into repeated conflict with government regulations of multiple countries in the years after it was founded, including, eventually, the United States. Originally founded in China, Binance has since moved its headquarters several times.
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Stambaugh, R. F., J. Yu, and Y. Yuan (2012), “The short of it: Investor sentiment and anomalies”, Journal of Financial Economics 104 (2), 288–302.
Binance has recently attracted regulator attention around the world. While Binance.US is a separate legal entity from the main Binance platform, it is 90% owned by Changpeng Zhao, who started and controls Binance.com, the world’s largest cryptocurrency exchange. The NYT said it was regulatory attention in the U.S. over money laundering and tax issues combined with the common ownership that concerned potential investors. GreatPoint Ventures confirmed to the NYT it considered investing and declined.
Brooks led the Office of the Comptroller of the Currency (OCC) before joining Binance.US. At the time, his move to Binance.US raised some eyebrows because Binance is not seen as the poster child of compliance, particularly compared to Coinbase where Brooks worked before joining the OCC.
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And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
As explained in its roadmap, the SafeMoon team hope to begin a "community listing donation raise for several exchanges" in Q3 2021. As of July 21, this has not yet started.
Although Binance has the edge over Binance.US in most categories, Binance is only available to customers who live outside the United States. US citizens that still wish to trade with Binance are only permitted to open an account with Binance.US.
And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
But one of these sessions caused SafeMoon’s price to plummet by more than 50 per cent.
Shiller, R. (1981), “Do stock prices move too much to be justified by subsequent changes in dividends?”, American Economic Review 71 (3), 421–36.