Binance, the largest crypto exchange by trade volume has announced new trading pairs for some top cryptocurrencies including SHIB, SOL, ADA, and XRP. The new update comes amid the general crypto market downturn on April 29. Moreover, this is a strategic move by the exchange giant to expand its service globally. Speculations abound over the potential effect on the broader crypto market.
Binance Pairs SHIB, SOL, ADA, and XRP With JPY
In a recent announcement dated April 29, Binance, one of the top exchanges in the world has revealed its plan to expand spot trading support to some top tokens in the crypto space including Shiba Inu (SHIB), Solana (SOL), Cardano (ADA), and Ripple (XRP). Additionally, Binance disclosed that it will also open Bot trading services to improve user experience.
According to the announcement on its official website, Binancians (users of the Binance exchange) will be able to trade the aforementioned tokens against the Japanese Yen (JPY) starting April 30. This means that SHIB/JPY, SOL/JPY, ADA/JPY, and XRP/JPY trading pairs will be available on the mentioned date from 08:00 (UTC).
Also, the Trading Bots services will be available at the same time. With this new inclusion, Binance aims to offer traders utilizing the platform extended and flexible options in managing their portfolios. What is more, Binance pointed out that users will enjoy zero maker and taker fees on JPY trading pairs until further notice.
Binance Shows Resilience Amid Regulatory Setback
Meanwhile, Binance has continued to show commitment to offering the best services even though it has been under heavy regulatory scrutiny globally. Its case with the Nigerian authorities is still ongoing as well as other countries like the Philippines. According to a recent update from Reuters, Binance CEO Richard Teng, has revealed that the company is working closely with the authorities, including the Economic and Financial Crimes Commission (EFCC) and Federal Inland Revenue Service (FIRS) to resolve the issues.
On April 18, Binance announced that it had secured a license from the Dubai regulators VARA to help expand its operations to the Middle East, targeting retail and institutional clients. Such activities are anticipated to aid in the development and maturation of the crypto market ecosystem as the use of digital assets grows on a worldwide scale.
Members of the crypto market are eagerly waiting for these trading options to go live on the platform as the crypto market often responds positively to updates like these. While we wait, the general crypto market cap is currently down by 2.83% over the last 24 hours to $2.31 trillion according to data from CoinMarketCap, signifying the level of volatility in the market.
