Cryptocurrency exchange KuCoin has become the first in the industry to host the in-house token of a competitor trading platform, Binance.
KuCoin: Exchanges Have ‘Same Objective’
Announced on June 18, KuCoin now provides trading support for Binance Coin [coin_price coin=binance-coin], the native asset of exchange Binance.
Binance Coin (BNB) is now on KuCoin. Supported trading pairs include BNB/BTC and BNB/USDT. Deposits will open at 16:00 on June 19, 2019 (UTC+8), trading will start at 18:00 on June 19, 2019 (UTC+8) and withdrawal will open at 18:00 on June 21, 2019 (UTC+8).#KCS #BNB #BTC #USDT pic.twitter.com/e4NxFmTEgg
— KuCoin Updates (@KuCoinUpdates) June 19, 2019
The depositing and trading of Binance Coin is scheduled to take place on Wednesday, officials confirmed, with withdrawals expected to go live on June 21. Two pairs will trade: against Bitcoin [coin_price] and stablecoin Tether [coin_price coin=tether].
“KuCoin is always willing to support promising blockchain projects that bring values to the world. Blockchain mass adoption is the end game and we are all going after the same objective,” KuCoin CEO Michael Gan wrote on Twitter.
In so doing, KuCoin is the first major exchange to facilitate liquidity in this manner, with Binance CEO Changpeng Zhao hinting at his appreciation.
“Exchanges need good projects. How many exchanges can afford to not have access to Binance Chain tokens/projects? If you are going to support it sooner or later, then sooner is better,” he tweeted after the news went live.
…By the same logic, [Binance] will have to support other chains as they become available.
He added KuCoin had made a “very smart move.”
Exchanges Expand As Regulation Looms
Those words open the door to a reciprocal gesture from Binance, something holders of KuCoin’s KuShares token [coin_price coin=kucoin-shares] had immediately called on to happen. Neither party has yet publicly confirmed further action.
Both BNB and KCS saw modest upticks following the partnership in a broadly downward-trending cryptocurrency market on Wednesday.
As Bitcoinist reported, Binance has sealed its renaissance since its hack last month which saw the platform lose funds worth $41 million at the time. Using capital from its SAFU fund however, Binance was able to successfully refund all those affected from the security breach.
Worldwide, the crypto exchange sector is facing the threat of serious upheaval in the wake of new regulatory recommendations which are set to take effect in around 200 countries.
This week, decentralized exchange platform Bancor announced it was freezing out US clients specifically due to unclear regulations in the country. Earlier this week, Zhao said he was actively working on a solution to ensure Binance did not have to do the same.
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