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