FTX wallets have added support for BEP 20 token on the Binance Smart Chain, the wallet now actively support withdrawals for Binance USD (BUSD) and BNB.
Popular crypto exchange FTX has added support for BSC BEP20 tokens to its wallet services, continuing what appears to be a trend toward market penetration. While there was no official statement, FTX CEO Sam Bankman-Fried confirmed the news, saying:
“ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I think deposits are; otherwise they will be very soon.)”
FTX wallets now actively allow withdrawals for Binance USD (BUSD) and BNB, both native to the Binance Chain, based on the information provided. Users will soon be able to make deposits using BSC BEP20 tokens.
The services are not yet available for the FTX platform in the United States, FTX.US, or other restricted jurisdictions. In an earlier interview, Bankman-Fried stated that providing regulatory clarification for crypto firms wishing to operate within their jurisdictions would take more than three to five years.
According to reports, the businessman spends “five hours a day on everything from regulation to licensing.”
In addition, instead of giving 101x leverage, the company has recently limited its users to leverage trades up to 20x. The goal of this step was to reduce the inherent volatility concerns that come with cryptocurrency trading.
Surprisingly, the exchange’s trading volumes have not decreased as a result of the statement.
FTX’s newest Series B funding round attracted over 60 investors, demonstrating the crypto exchange’s technological advancements. The resulting purchase increased FTX’s market capitalization to $18 billion, up from $1.2 billion prior.
Similar strategies are used by other industry leaders, such as Binance, to promote low-risk trading and market adoption.
Binance CEO Changpeng Zhao explained that limiting new users to 20x leverage on futures transactions was something “he didn’t want to make a thingy” for the sake of “consumer protection.”