For users of Binance.US, while liquidity is not a major issue, Binance does support more liquidity, enabling faster transactions and trades, something which is important for the world’s biggest cryptocurrency exchange. Still, the U.S. platform is still to catch up when it comes to providing users with the same amount of liquidity and ease when trading.
His tweet Friday said: "Letting you all know I have resigned as CEO of @BinanceUS. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
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Going forward, it's impossible to know for sure how the value will change and whether it could rise further.
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But before you look further make sure you’re aware of the risks when it comes to cryptocurrencies in general.
Altcoins also sometimes differ in the method of verification used to authenticate transactions. While some altcoins use Proof-of-Work systems, others use Proof-of-Stake consensus, which replaces miners with validators. Proof-Of-Stake mining requires a lot less energy and fewer resources than Proof-Of-Work systems since Proof-Of-Work miners have to do much more ‘work’ to mine blocks.
“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in an emailed statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
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Worth noting: Once upon a time, cryptocurrency mining was a potentially lucrative side business for those with the resources to invest in power- and hardware-intensive mining operations.
Yet, trading on Binance.US obliges the customers to undergo the KYC (know your customer) procedure. First, the users are required to go through either of four types of verification available on the platform:
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“We’re working around the clock to fix the issues and to ensure we give you the quality experience you deserve,” the tweet assured users. “So we can manage demand, will be [sic] releasing each product in a staggered approach (one-by-one) – starting with the website buy & swap function – today.”
Several factors explain why Binance.US launched a separate platform. Changes in regulations and Binance’s own rules reaction to external changes stand out as a large driver.
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According to Stephen Innes, the head of Asian trading for the foreign exchange Oanda, hacks were the first element to have a chilling effect on crypto. Hearing the amount of money that thieves were able to take, he says, “Consumers got very concerned that their money could go missing.”
This follows the launch of new Bitcoin futures Exchange-Traded Funds (ETFs) in the form of ProShares Bitcoin Strategy ETF, as well as similar moves from Valkyrie and Van Eck.
At the time of writing, Bitcoin’s value was fluctuating at around $67,921.67, or £50,107 according to Coinbase.