In September 2019, Binance announced that it would be launching its own cross-chain decentralized exchange, called Binance DEX. Binance DEX is built on the Binance Chain blockchain and uses the Binance Coin (BNB) as its native currency.
Binance DEX offers a trading experience similar to that of Binance.com, with a few key differences.
First, Binance DEX is a decentralized exchange, meaning that it is not subject to the same regulations as centralized exchanges. This allows for a more flexible trading experience, as users are not required to go through Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
Second, Binance DEX uses a new trading engine called “Binched” which is designed to be more user-friendly and offer a better trading experience than traditional centralized exchanges. Binched allows for faster order matching and execution, and also supports market orders, limit orders, and stop-limit orders.
Third, Binance DEX offers a higher degree of security than centralized exchanges. Centralized exchanges are susceptible to hacking and theft, as they are central points of attack.
Binance DEX is decentralized and distributed, meaning that there is no single point of failure that can be exploited by hackers. Additionally, all trades on Binance DEX are recorded on the blockchain, providing an immutable record of all trades that can be used for auditing purposes.
Fourth, Binance DEX supports multiple languages including English, Chinese, Japanese, and Korean. This makes it more accessible to a wider range of users.
So far, Binance DEX has been well-received by the cryptocurrency community and has seen significant trading volume since its launch. It remains to be seen whether Binance DEX can compete with other decentralized exchanges such as IDEX and EtherDelta in the long term.
However, given the strength of the Binance brand and the company’s commitment to innovation, it is certainly one to watch out for in the coming months and years.
No matter what happens with Binance DEX in the future, one thing is certain – Binance is here to stay as one of the leading exchanges in the cryptocurrency space.