Binance.US Introduces New Process for Transparency in Cryptocurrency Listings
Binance.US is revamping its approach to introducing new cryptocurrencies, ensuring that traders receive prior notification when considering the addition of a fresh digital token to its trading roster.
The objective behind this new process, according to Binance.US, is to enhance transparency in the listing procedure.
Using this updated procedure, the inaugural digital asset under review is the native token associated with the recently unveiled Sui Network (SUI) blockchain. Sui Network’s mainnet became operational in early May.
The project presents itself as a competitor to Aptos (APT) and employs the Move programming language, originally developed for Meta’s digital asset endeavor.
Sui Network operates on a delegated proof-of-stake (DPoS) consensus mechanism, with the goal of delivering low latency and high throughput.
Mysten Labs, the developers responsible for Sui Network, secured $300 million in funding late last year, valuing the project at $2 billion.
Binance.US has indicated that its support for SUI is presently under review, hinting that the token might soon appear on its platform. As of the latest data, SUI, the 95th-ranked cryptocurrency in terms of market capitalization, is trading at $0.415.
Notably, Binance’s global exchange had already introduced support for SUI on its Launchpool platform in May, while prominent US-based cryptocurrency exchange Coinbase included SUI in its offerings later that month, categorizing it under the “Experimental Label” reserved for riskier, less liquid tokens.