Binance.US eyes SUI for imminent listing — what you need to knowBinance.US has refined its digital asset listing procedure. The main objective here is crystal-clear transparency. The updated approach allows Binance.US to announce specific assets it is contemplating for listing publicly. By doing so, the platform aims to grant its users and the broader crypto community an early look into potential new listings.
According to the company, several variables influence the decision to announce a prospective listing. These include, but are not limited to, market demand, projected trading volume, and liquidity. Moreover, assets must meet rigorous regulatory criteria within the United States. The level of community engagement around a particular asset also weighs heavily on its eligibility for listing.
Sui network catches the spotlight
Most notably, Binance.US is scrutinizing the Sui Network’s native token, SUI, for possible addition to its trading platform. The Sui Network operates on a Delegated Proof of Stake layer 1 architecture. It aims to contribute to the blockchain world through its unique “object-centric” design. This allows for a more secure and programmatic network-level storage of assets. Additionally, the architecture facilitates non-consensus token transfers and improves the blockchain’s composability and scalability.
The Sui Network utilizes Move, a development language that enhances the abstraction of accounts and crypto assets. Consequently, it offers a leg up in terms of smart contract security and overall programmability. The network aims to support a wide array of decentralized applications. These span across the vibrant sectors of Web3 and decentralized finance, akin to other layer 1 networks like Ethereum and Solana.
However, the Sui Network will need to clear stringent criteria to join Binance.US’s trading platform. These criteria are not just limited to the technological prowess of the asset but also extend to factors like community engagement and U.S. regulatory compliance.
This announcement represents another stride for Binance.US in its ongoing efforts to build a robust, secure, and transparent crypto ecosystem amid regulatory scrutiny. Due to the US government lawsuit, Binance US’s trading volume has significantly dropped. Currently, its 24-hour trading volume is only $5.43 million, whereas Coinbase’s is $580 million, according to CoinGecko.
In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Binance.US on a range of charges, including unregistered securities offerings and wash trading. As a result of the lawsuit, Binance.US suspended trading for more than 100 token pairs. Moreover, the platform faces allegations of failing to register as a broker-dealer and disregarding the formalities of registering its staking-as-a-service program.
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