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Binance Decentralized Exchange Coming Soon – And Just About Every Coin Is Welcome

by Daily Hodl Staff
June 18, 2018
in Trading

Binance plans to launch its new decentralized exchange this year, and will have much less of a say over the coins listed on the platform.

The decentralized exchange is called Binance Chain. According to a new report, nearly anyone will have the freedom to list a coin.

Binance founder and CEO Changpeng Zhao told Bloomberg his team will have a small amount of control, at best, over the new platform.

“On the decentralized exchange we’ll have less control,” says Zhao. “More likely anybody can list any coin. That’s the philosophy of the decentralized exchange, it’s freedom of choice, freedom of investments. But with freedom there will be people who are scammers. That’s not something we can control.”

Zhao says Binance Chain will require much more processing power than Binance, and will be slower, with higher fees.

Decentralized exchanges allow you to trade cryptocurrency by automating the process instead of relying on a centralized third party.

Users on decentralized exchanges are typically not required to create an account, share their name and disclose other personal information.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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