Published: November 13, 2024 at 1:01 am
Updated on November 13, 2024 at 1:01 am
Binance is on fire right now. The crypto exchange just reported over a billion dollars in inflows for the second week in a row, pushing its net flow this month to an astonishing $5 billion. When you compare that to other exchanges, it’s clear as day: Binance is the big dog in the yard. I came across an article breaking it all down, and it’s wild how much political stuff is going on behind the scenes.
So apparently, Trump’s return to the political stage has sent Bitcoin and other cryptos into orbit. And guess what? Centralized exchanges like Binance are raking it in. On November 6 alone, Binance’s app had 13 million visits! That’s a lot of people trading crypto on binance.
According to a spokesperson from Binance:
“This remarkable growth underscores Binance’s position as the preferred trading platform amid surging market demand and heightened interest in digital assets.”
And they’re not wrong. The amount of assets on Binance has hit a record high of $137 billion. They even have more than 25% of all crypto reserves across exchanges. It’s like everyone is piling into one place, and that place is Binance.
But here’s something interesting: while whales (those with over 10k BTC) are offloading their assets, smaller holders (dubbed “Shrimps”) are busy accumulating. A crypto analyst pointed out that retail investors might be the new smart money since they’re stacking up as prices rise.
Still, most people aren’t selling yet—long-term holders seem pretty confident holding onto their Bitcoin at these levels.
Now, you’d think with all that success there wouldn’t be any headaches, but Binance has some serious regulatory challenges brewing. In the UK, they’re having issues with the FCA over some promotional rules; basically, they can’t advertise because of it! And it gets crazier—Binance might have to register as a Money Services Business in the US due to alleged non-compliance with the Bank Secrecy Act.
The article also points out that Europe isn’t being kind either; countries like Belgium and Germany have straight up banned them!
So yeah, while centralized exchanges like Binance offer liquidity and stability (at least for now), they also come with risks—like getting shut out of entire continents! It’ll be interesting to see if they can navigate these waters and keep their crown during this so-called golden era of crypto.
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