BNB top gainer with 2.24% pop amid recent Binance news
Binance Coin (BNB) was the top mover over the past 24 hours with 2.24% gain bringing the coin to $331.36 with a trading volume of $1,189,032,500.
Binance has added Sui Network, a delegated proof-of-stake (DPoS) layer-1 blockchain based on the move programming language, as the 33rd project on its launchpool, according to an announcement made on April 30. The farming incentives started on May 1 and will last for two days, contributing to recent price gain.
Binance has recently announced that it will be adding support for the Sui Network’s native token, called SUI, on its exchange platform. This means that users will be able to trade SUI tokens against other cryptocurrencies on Binance.
The move is seen as a positive development for SUI, as it will help to increase the visibility and liquidity of the token, and could potentially attract new users to the Sui Network platform
Sui Network is a delegated proof-of-stake (DPoS) layer 1 blockchain built on the move programming language, and it aims to provide secure, efficient, and scalable blockchain infrastructure for developers to build decentralized applications (dApps) and services.
With the addition of SUI to the launchpool, Binance users can now stake their Binance Coin (BNB) and TUSD in separate pools to farm SUI for two days, starting from May 1, 2023. The rewards for staking in the SUI pool are calculated on a daily basis, and users can also withdraw their staked assets at any time.
Sui Network is a blockchain-based platform that aims to provide a decentralized infrastructure for creating and running various types of applications, including finance, gaming, and social media.
The platform is designed to be scalable, fast, and secure, and it uses a unique consensus algorithm called supernode proof-of-stake (SPoS) to validate transactions and maintain the network.
Binance is now the largest cryptocurrency exchange globally. It offers a range of services for buying, selling, and trading cryptocurrencies. However, it has recently come under scrutiny from regulators, like the U.S. Securities and Exchange Commission (SEC).
In March 2021, the SEC was investigating Binance over concerns that the exchange may have allowed U.S. residents to trade cryptocurrencies on its platform, which would be a violation of U.S. securities laws.
More recently, Binance faced regulatory action from financial authorities in the U.K., Japan, and Italy, who have all issued warnings or taken enforcement action against the exchange for operating without proper licensing or authorization in their jurisdictions.
In response to the regulatory scrutiny, Binance has announced a series of measures to improve compliance and transparency, including the appointment of former U.S. Treasury official Brian Brooks as CEO of its U.S. affiliate, although Brooks quit after three months in the position.
