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FTX wallet brings support for Binance Smart Chain

FTX crypto exchange has finally launched support for Binance Smart Chain BEP-20 tokens. Now, the crypto exchange can increase its strength towards market penetration with its wallet services.

FTX CEO Sam Bankman-Fried tweeted:

As of now, FTX wallets actively support withdrawals for Binance USD (BUSD) and Binance Coin (BNB). Moreover, the company will soon enable users to make deposits via the BEP-20 tokens.

Currently, the services aren’t available in the United States version of the platform. But, again, this has to do with the regulatory procedure, as in an interview earlier. The CEO said governments would require three to five years to provide regulatory clarity for crypto businesses wishing to operate within their jurisdictions.

Moreover, the entrepreneur himself is reportedly busy “5 hours a day from regulation to licensing.”

FTX had limited its leverage trades up to 20x from 101x to minimize the inherent volatility risks associated with crypto trading. However, the exchange doesn’t see any reduction in trading volumes due to that.

The crypto exchange is seeing a lot of traction for itself. Recently, its latest Series B investment round saw over 60 participants. Also, FTX’s valuation jumped from $1.2 billion to a tremendous $18 billion. That is an increase of more than 1400%!!!

Many crypto exchanges have replicated FTX’s move of reducing leverage trades. Binance also limited its futures trading leverage to 20x for existing users a week ago to improve market adoption. Moreover, through this move, the crypto exchanges promote low-risk trading.

Binance CEO Changpeng Zhao had stated that limiting new users to 20x leverage on futures trades was something “he didn’t want to make a thingy.”

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