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The largest crypto exchange by market cap, Binance, has run into crypto regulatory problems lately. That has made crypto users apprehensive about the centralized exchange (CEX). Generally, users have also become skeptical about centralized entities and are looking to trade on decentralized exchanges (DEX) instead.
ETFSwap (ETFS) is a decentralized finance (DeFi) platform that has caught the attention of these crypto users. It promises to take a huge chunk of Binance’s market share. ETFSwap’s unique offerings have also set it apart from other DEXs. There is a growing belief that it could rise through the ranks.
Is It the Beginning of the End for the Binance Crypto Exchange?
Binance recently faced regulatory scrutiny in Nigeria. This crypto exchange and its two executives were charged with money laundering and tax evasion. Officials in the country raised concerns about Binance being used as a channel for illicit financial flows into the country.
Specifically, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, cited how $26 billion passed through Binance Nigeria in a year. The Nigerian government also accused the crypto exchange of contributing to the rapid devaluation of the nation’s currency (the Naira) through its peer-to-peer (P2P) platform, which is said to have been used to manipulate the foreign exchange rates.
Binance’s regulatory hurdle in Nigeria highlights how the crypto exchange continues to face off with the authorities in different countries. Earlier in the year, the Philippine authorities blocked locals’ access to the crypto exchange. That happened when Binance was operating in the country without a license.
Binance and its former CEO Changpeng “CZ” Zhao were charged with anti-money laundering violations by the US authorities last year. The crypto exchange and CZ pled guilty to these charges. They agreed to certain conditions as part of the plea deal.
The plea agreement states that court-appointed monitors will oversee Binance’s business practices for three to five years. These practices include how the crypto exchange onboards new customers and handles affairs in other jurisdictions. However, the government, through these monitors, will have access to virtually all transactions conducted on the platform. That is most concerning to crypto exchange users.
ETFSwap (ETFS) Offers a Way Out
ETFSwap offers a way out to users who do not want to be subjected to the government’s watchful eyes. The DeFi platform operates a permissionless approach. That means anyone can access the offerings on the platform easily without the rigors of centralized entities like Binance.
Specifically, Know-Your-Customer (KYC) requirements on the platform are non-mandatory. As such, users do not have to worry about the endless documents usually required during registration.
Besides being able to trade and swap crypto tokens, ETFSwap (ETFS) also allows users to trade exchange-traded funds (ETFs) on-chain. This feature puts it above all its competition. That means that Web3 natives can invest in and trade crypto assets and many traditional assets all in one place.
ETFSwap plans to prioritize its community above all else. Thus, the platform is introducing a revenue-sharing mechanism among ETFS token holders. Simply put, everyone holding ETFSwap’s native token, ETFS, gets an opportunity to partake in the revenue earned by the platform.
These token holders also enjoy discounted trading fees on their transactions. They also gain access to exclusive features, events, and promotions reserved for them.
ETFSwap (ETFS) is Set to Rise Like Binance Coin (BNB)
With ETFSwap poised to become the leading exchange, its native token, ETFS, could enjoy a similar or even better success than Binance Coin (BNB). Binance Coin (BNB) is known to have gained its reputation as one of the top cryptocurrencies on the back of Binance’s rise to becoming the largest crypto exchange.
Therefore, the ETFS token is expected to become one of the top cryptocurrencies once ETFSwap captures a huge chunk of the market. ETFSwap’s (ETFS) user base is expected to be larger than Binance’s, considering it will also attract traditional investors interested in the on-chain ETF trading offering.
The ETFSwap (ETFS) token’s potential to rise to the top is why crypto investors have gone all out to purchase as much of the token as they can in the ongoing stage 1 of the token presale. So far, over 30 million tokens have been sold, and that figure is rising rapidly.
Stage 1 of the token presale is still ongoing, and there is no better time to invest in the token than now, seeing as it is still selling at a giveaway price of $0.00854. For a coin that could rise as high as Binance Coin (BNB), which is currently trading at $607, this is definitely a steal!
For more information about the ETFS Presale:
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Serena James has worked as a writer for different media houses in the past. Currently, she is working as a fundamental writer for thecoinrepublic, covering decentralized finance. When she isn’t writing, she can be found skimming and scanning Twitter and other websites to produce mind blowing breaking stories.
