Binance Coin (BNB) gains 2.24% in the past 24 hours
Binance Coin (BNB) has emerged as the top mover in the cryptocurrency market, with a 2.24% gain in the past 24 hours. As of May 4, 2023, BNB is priced at $331.36, with a trading volume of $1,189,032,500.
Binance Adds Sui Network to Launchpool
Binance, the world’s largest cryptocurrency exchange, has added Sui Network to its launchpool. Sui Network is a delegated proof-of-stake (DPoS) layer-1 blockchain built on the move programming language that provides secure, efficient, and scalable blockchain infrastructure for developers to build decentralized applications and services.
The farming incentives for SUI tokens started on May 1 and lasted for two days, contributing to the recent price gain. Moreover, Binance has announced that it will add support for the Sui Network’s native token, called SUI, on its exchange platform, enabling users to trade SUI tokens against other cryptocurrencies on Binance.
The addition of SUI to the launchpool is seen as a positive development for SUI, as it will increase the visibility and liquidity of the token and attract new users to the Sui Network platform. Binance users can now stake their Binance Coin (BNB) and TUSD in separate pools to farm SUI for two days, starting from May 1, 2023. The rewards for staking in the SUI pool are calculated on a daily basis, and users can withdraw their staked assets at any time.
Sui Network: A Blockchain-Based Platform for Decentralized Applications
Sui Network is designed to be a scalable, fast, and secure blockchain-based platform for creating and running various types of applications, including finance, gaming, and social media. It uses a unique consensus algorithm called supernode proof-of-stake (SPoS) to validate transactions and maintain the network.
Regulatory Scrutiny on Binance
Despite being the largest cryptocurrency exchange globally, Binance has faced regulatory action from financial authorities in various countries. The U.S. Securities and Exchange Commission (SEC) investigated Binance in March 2021 over concerns that the exchange may have allowed U.S. residents to trade cryptocurrencies on its platform, which would violate U.S. securities laws.
In addition, financial authorities in the U.K., Japan, and Italy have issued warnings or taken enforcement action against the exchange for operating without proper licensing or authorization in their jurisdictions.
In response to regulatory scrutiny, Binance has announced a series of measures to improve compliance and transparency, including the appointment of former U.S. Treasury official Brian Brooks as CEO of its U.S. affiliate. However, Brooks resigned after three months in the position.
Conclusion
Binance has added Sui Network to its launchpool, which is expected to increase the visibility and liquidity of SUI tokens. Sui Network is designed to be a fast, scalable, and secure platform for creating and running decentralized applications, including finance, gaming, and social media. Despite regulatory scrutiny, Binance continues to be the largest cryptocurrency exchange globally and has announced measures to improve compliance and transparency.
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