Binance CEO announces: BNB will be a native gas, reveals more on DEX

On 29th September, Changpeng Zhao aka CZ, the CEO, and Founder of the biggest cryptocurrency exchange by trading volume, Binance made an announcement regarding its new upcoming decentralized exchange, DEX. CZ stated that BNB will be acting as the native gas where the platform will not control user funds on the new platform.

“Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!”

Earlier this month, Binance ran into a bit of controversy after the release of New York AG Barbara Underwood’s report on virtual currencies. In one of her Twitter posts, Underwood revealed that Binance was one of the three cryptocurrency exchanges [the other two being Gate.io and Kraken] that were suspected of operating illegally in New York.

In a recent interview, Binance CEO also spoke about the regulatory environment in the United States. He said that his exchange is focused in all directions other than the US, unlike other big cryptocurrency exchanges such as Coinbase and Gemini.

In the same context, he also stated that the world outside the US is a bigger market for the company. Furthermore, the regulatory environment in each country is different, thus many authorities will take their time in bringing a suitable framework as they are still in the process of learning and adapting.

ACap, a blockchain space, and Binance follower implied that the news is good for BNB but will be a crowded year for DEX. The user wrote:

“+1 for bnb but Dex will be crowded the first half of 2019”

Here, CZ replied and stated:

“people said the same thing when we started Binance, ‘the exchange space is very crowded, why…'”

Another Twitter user named Eatbeef Getstrong wrote:

“So much liquidity would go their way if they allowed transaction privacy layers natively as well. I want to see a ‘privatise through NIX’ tickbox natively on each individual DEX as well as integration into the DEX Manager.”

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