Binance’s US arm is updating the way it lists crypto assets, giving traders advance notice when it considers adding trading support for a new token.
Binance.US say the new procedure is intended to provide additional transparency in the listing process.
The first asset that is the exchange to evaluate with the new process is the native token of the recently launched layer-1 blockchain Sui Network (SUI).
Sui Network’s mainnet went live for the first time in early May. The project is a rival to Aptos (APT) and uses the same coding language, Move, that was originally developed for Meta’s attempt to build a digital asset. Sui Network runs on a delegated proof-of-stake (DPoS) consensus mechanism and aims for low latency and high throughput.
Mysten Labs, the developers behind the project, increased $300 million at the end of last year at a $2 billion valuation.
Binance.US says support for SUI is pending review and notes that the token “may be listed on its platform soon.” The 95th-ranked crypto asset by market cap is trading at $0.415 at the time of writing.
Binance’s global exchange rolled out support for SUI on its Launchpool platform in May, and the largest US crypto exchange Coinbase listed SUI later that month under the ‘Experimental Label’, a designation the company established for riskier tokens with a lower liquidity.
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