Previously named Binance Smart Chain, BNB Smart Chain is unsurprisingly the blockchain network developed by crypto exchange giant Binance. The ecosystem is host to dApps, DEXes, GameFi platforms and an NFT community, with its BNB token now counted amongst the top 5 cryptocurrencies by market cap. ‘BNB’ is an abbreviation for ‘Build n’ Build’, with building very much at the core of the platform’s ethos. BNB Smart Chain has certainly been a catalyst for Binance’s move into market dominance.
The hard fork will make it more difficult for funds to be stolen during events such as bridge hacks.
The exchange already temporarily suspended some Multichain assets in May after the network encountered technical issues.
The majority of the funds (which amounted to roughly $12bn) were allegedly sent to CZ-owned investment firm called Merit Peak.
The lawsuit caused its native token to drop by almost 10%, and the crypto’s total market cap to shed roughly $50bn in a single day.
The move comes 2 months after the exchange stopped GBP withdrawals and deposits after its provider terminated their agreement.
The projects have been added for various reasons, including suspiciously high fees or non-functional websites.
The lawsuit alleges that the exchange encouraged users to use VPNs and warned customers of asset seizures.
Binance has increased its crypto exchange market share for the fourth consecutive month.
The SEC has now claimed that the deal is likely unlawful.
Crypto’s top decentralized exchange has a new chain in its sights.
Binance’s dominance in the crypto exchange space is now so strong, you kind of have to feel sorry for its competitors.
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