Crypto News – Confusion Surrounding Binance DEX

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Many investors and traders were waiting for the launch of Binance DEX. It was assumed that the Binance cryptocurrency exchange launched a decentralized platform. However, note that the launch had already happened in April, questions are being raised whether it is decentralized or not. Many crypto enthusiasts, as well as traders, think that the name DEX does not represent decentralized. It was to attract more users. However, the controversies and the difference of opinion surrounding the Binance DEX has made it quite popular.

Confusion Surrounding Binance DEX:

There are reports that Binance DEX is geo-blocking users. If it is a decentralized cryptocurrency exchange, there should be no control to block the users. It should be open for all. However, Others think that since it does not require any custodian services, it is indeed decentralized. There are varying opinions on the Internet when it comes to Binance DEX.

Many think that geo-blocked users is due to the restrictions by the US. It means that whether the exchange is decentralized or not, it needs to abide by these restrictions. By geo-blocking the users, it seems like Binance DEX is avoiding legal trouble.

Current Exponential growth:

Amidst all of this difference of opinion, Binance DEX is gaining more and more prominence. The volumes of the cryptocurrency exchange are also increasing. Currently, it is at the 100th position when it comes to cryptocurrency exchanges by volume. The volume in the past 24 hours has been around $ 11.6 million. In the last seven days, the volume has been around $ 32 million. Currently, Binance DEX operates in 7 different markets. IDEX is the second-biggest decentralized cryptocurrency exchange. The volumes in this exchange in the past several days have been just $ 1.7 million. Even when you look at the past 7-day volume of this exchange, they have been around $ 9.7 million. It clearly states that Binance DEX is far ahead of the next decentralized cryptocurrency exchange.

Decentralized or not, Binance DEX is closely following in the footsteps of Binance. If it continues to increase its volumes at the same pace, sure enough, it will rise from the current position when it comes to cryptocurrency exchanges by market cap. Chances are with the hype created around the Binance DEX exchange in just the coming few weeks; it can gain significant volumes.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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