By Shelly Melancon (Switzerland)
Cryptocurrency exchange, Binance, has finally solved the issue that faced Polygon (MATIC) users for a long time. Investors and traders will be happy with this move, as Binance incorporates Polygon’s main network into the platform. In light of this, users will now be able to make deposits and withdrawals directly using the Polygon network, rather than the Polygon-Ethereum bridge.
Before the latest move, users of the exchange were unable to deposit funds and withdraw via the Polygon network as Binance was yet to incorporate it. Apart from faster transactions, which is one of the benefits of the latest integration, deposits and withdrawals will come at a low cost. Also, the integration will enable users to interact with decentralized exchanges (DEX) faster and cheaper without resorting to the Polygon bridge. Examples of these DEXs include Balancer, Aave, Sushiswap and many others.
Binance to Support Other Standards of MATIC Token
For the Polygon main network, this is just one of the many integrations it has enjoyed. Another exchange, Huobi recently incorporated the network on its platform, as well as Coinbase Wallet and a host of others. Crypto wallets like Metamask also enjoy this feature too. Aside from the latest integration, Binance also stated its interest to continually support different standards of the MATIC token.
Also read:While the fingers of developers are crossed for the launch of Ethereum 2.0 PoS-enabled network that is aimed at addressing issues on scalability, the Polygon network has provided an alternative. In view of this, the latter allows these developers to build separate chains for their decentralized applications, which is likely to make Polygon their main choice to the detriment of the Ethereum network.
In fact, Polygon recently created a subsidiary, Polygon Studios, which will be focused on blockchain-based games and NFTs. As such, the Ethereum network may have to keep watching its back.
Regulatory Pressures Mounts, Binance Assures Cooperation with Regulators
Meanwhile, Binance has been hedged around by a number of regulatory bodies in different countries. While some have asked the leading exchange to close shop, others have issued several warnings, which may soon be followed by orders to quit if Binance fails to follow up on the warnings. Malaysian authorities have already given Binance an ultimatum of 2 weeks to cease operations. Binance also recently announced that it would likely shut down crypto derivatives trading to its users in Europe.
On its part, Binance has stated its commitment to cooperate with regulators. In a press conference, the exchange’s CEO, Chanpeng Zhao (CZ) said Binance has already begun obtaining operating licenses in different countries in an attempt to clothe its activities with a legal toga.
Binance implemented some changes on its platform following the announcement. Withdrawal limits will now apply to users yet to complete the verification process on the platform. Also, Binance reduced leverage for new users on futures trading from 125x to 20x. Binance has positioned itself as a leading exchange and boasts of millions of users around the globe.
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