FTX wallet adds support for BUSD and BNB tokens on the Binance Smart Chain
In what seems like an ongoing streak toward market penetration, prominent crypto exchange FTX has launched support for Binance Smart Chain BEP-20 tokens within its wallet services. While no official announcement was made, FTX CEO Sam Bankman-Fried confirmed the development by saying:
“Ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I *think* deposits are; otherwise they will be very soon.)”
Based on the information available, FTX wallets now actively support withdrawals for Binance USD (BUSD) and Binance Coin (BNB), both native to the Binance Chain. The company will soon enable users to make deposits via BSC BEP-20 tokens.
However, the services are not yet available for the United States-focused FTX platform, FTX US and other prohibited jurisdictions. In a previous interview, Bankman-Fried opined that governments would require three to five years to provide regulatory clarity for crypto businesses wishing to operate within their jurisdictions. The entrepreneur also reportedly spends “five hours a day on everything from regulation to licensing.”
Recently, the company has also limited its users to leverage trades up to 20x instead of offering up to 101x. The intention behind this move was to minimize the inherent volatility risks associated with crypto trading. Surprisingly, the exchange has not witnessed a reduction in trading volumes following the announcement.
Complimenting the crypto exchange’s technological developments, FTX’s latest Series B investment round saw over 60 participants. The deal placed FTX’s valuation to a whopping $18 billion, a 1,400% increase from previously $1.2 billion.
Other market leaders such as Binance also follow similar methods to promote low-risk trading and increase market adoption. Crediting this move to the “interest of Consumer Protection,” Binance CEO Changpeng Zhao stated that limiting new users to 20x leverage on futures trades was something “he didn’t want to make a thingy.”