Key points:
- Crypto traders are increasingly opting to use centralized exchanges rather than decentralized ones.
- Bitcoin has been enjoying a rally over the past month and managed to break through the $31,000 resistance level.
- The offices of Binance Australia were also searched by local regulators on Tuesday.
In recent weeks, Bitcoin has been enjoying something of a resurgence. The price of BTC has risen by 13.5% over the past month alone, and it has broken through the $31,000 resistance level several times in the past few weeks. It would seem that this excitement is also causing increased inflows to centralized crypto exchanges. More specifically, crypto traders are increasingly opting to use centralized exchanges such as Binance rather than decentralized exchanges such as Uniswap.
Speaking of Binance, the Australian offices of the world’s largest crypto exchange by volume were searched on Tuesday by the local regulatory body. It probably has something to do with the canceling of the Australian exchange’s derivatives license earlier this year. Binance, however, has said that it’s focussed on being fully compliant in the region and has cooperated with relevant regulatory bodies.
(About Binance)
Binance is a prominent and highly popular cryptocurrency exchange that provides a platform for individuals and institutions to trade various cryptocurrencies. Founded in 2017 by Changpeng Zhao (better known as “CZ”), Binance quickly gained traction and became the largest and most influential exchange in the cryptocurrency market. Binance has also developed its own native cryptocurrency called Binance Coin (BNB). BNB serves multiple purposes within the Binance ecosystem, including reduced trading fees, participation in token sales on the Binance Launchpad platform, and to power its own blockchain known as BNB Chain.
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