Binance By The Month: Big Changes In September
Binance has been relatively active this past month. In the midst of a crypto winter, analysts would be wise to remember how the Binance Coin (BnB) managed to stay in the green much longer than other coins in the top fifty list. And although the currency has since seen a significant amount of red, the Binance team has expressed their commitment to making sure that their exchange continues to expand—despite the gloom of the current crypto markets.
In particular, the Binance team has been clear in their efforts to expand to borders all over the world, committing to numerous big meetups, major planned events, and developments all over the quickly-expanding organization. This could mean one of two things, and analysts are split on the realities behind the strong Binance showing in September. For some, this is a sign that the company is bullish on the future of crypto and is trying to put its money where its mouth is. But for others, the extravagant efforts of leaders in the organization reveal a darker undertone, that Binance might be hurting significantly from the sunk profits in this dark time for the crypto markets.
Regardless of the intention, the work of Binance to expand operations has been largely good for the crypto community, especially the subsection of investors currently fighting their own battles against the tough regulatory hand of their own home country. Binance is making it easier than ever for the average retail investor to put their fiat and crypto capital into a variety of new altcoins, many of which are available in few other places.
New Coin Additions
The first major development feeding the bulls for Binance was their addition of two new coins to the already extensive list of 146 total crypto projects available to be traded on the Binance exchange. With a total of 372 pairs from which to choose, Binance is on the forefront of altcoin offerings among centralized cryptocurrency exchanges.
Both the Paxos Standard (PAX) and Ravencoin (RVN) currencies have been added, with the former trading with BTC, BNB, ETH, and USDT trading pairs and the latter being paired with BNB and BTC. These additions should come with excitement for initial investors in those Initial Coin Offerings, both of which made quite the stir in some parts of the crypto community earlier in the year.
Perhaps the most exciting piece of news for the global cryptocurrency market coming out of bloody September, Binance has numerous global expansion successes to bring to the table. In particular, their Medium update outlined that they have been Binance Uganda has begun to accept full registration, saying that “deposits/withdrawals and trading” are both soon to hit the markets.
Additionally, the exchange’s subsidiary in Singapore has begun to integrate its much-anticipated fiat exchange, and is currently in the invitation-only portion of its beta testing process.
In addition to the excitement of new progress on their prerogative of global expansion, Binance was happy to announce their offline engagements by respected officials on the Binance team within the crypto community. CZ was invited to be a speaker at blockchain events in Singapore and Malta, while the Chief Growth Officer Ted Lin spoke at South Korea’s World Knowledge Forum.
Finally, the exchange took two important philanthropic steps in September. Their charity, the Blockchain Charity Foundation, worked with the United Nations Development Programme in an effort to integrate blockchain technology being developed by Binance Labs into the public sector for “social good.” The organization will donate USD $1 million to the United Nations’ Sustainable Development Goals for 2030.