Business

Paul How

Binance adds trading pairs for Bitcoin SV

Binance is introducing several new trading pairs for Bitcoin SV.

In an update on the cryptocurrency exchange’s website, it was announced that trades were being opened for Bitcoin SV/TrueUSD, Bitcoin SV/Paxos, and Bitcoin SV/USDCoin. TrueUSD, Paxos, and USDCoin are all stablecoins tied to the price of the US Dollar.

Prior to this, Binance had already offered a Bitcoin SV/Tether pair. Tether has had to deal with competing Dollar-linked stablecoins, such as the three mentioned above, leading to its diminished market share over time.

During the November 15 Bitcoin Cash hard fork, where Bitcoin SV eventually emerged as the continuation of Bitcoin according to the Satoshi Nakamoto whitepaper, Binance had halted trading of the cryptocurrency, like most exchanges did. It then distributed both ABC and SV at a 1:1 ratio to users. It eventually opened both ABC and SV for deposits and withdrawals on November 30, when it also introduced the Tether trading pair, as well as another pair with BTC.

Cryptocurrency payment gateway Coinify recently added Bitcoin SV to its portfolio, making it even easier for merchants to accept Bitcoin SV and for customers to use it for instant payments.

Binance is the largest cryptocurrency exchange by trading volume. Originally based in China, it now has offices in other parts of Asia. To help regulatory compliance, it has partnered with cryptocurrency compliance solutions firm Chainalysis. The move comes as governments are pressuring exchanges to operate according to international anti-money laundering and know-your-customer standards.

It has launched a feature allowing institutional investors to create sub-accounts under a main account. Each sub-account thus has its different permissions and access levels.

Just last week, the exchange launched a separate platform called Binance Jersey, for easier exchange of the British Pound and the Euro, and primarily targeting the European market.

Binance has also recently illustrated its ability to respond to reports of transfers of illegally obtained money, when it froze funds taken by hackers and sent to the exchange.

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