Binance's Decentralized Exchange Goes Live, Trading to Start ‘at a Later Date’

Binance’s long-awaited decentralized exchange (DEX) has gone live, ahead of its planned schedule. Users aren’t yet able to trade, as the feature will be enabled “as soon as the first trading pair is listed.”

The launch was announced earlier today (April 23, 2019) noting that while the decentralized exchange is live, trading is only going to start later on. Right now, users are only able to access the exchange’s interface and connect the company’s BEP2 token wallets to it.

On Twitter, Binance noted the date trading will begin is yet to be announced, although CoinDesk reports a company representative claimed trading pairs are expected to be created “soon, in the next few days.”

The decentralized exchange’s launch notably comes about a week after the leading cryptocurrency exchange launched its native blockchain, the Binance Chain. Binance’s BNB token has now been launched as a native asset on the Binance Chain, switching from Ethereum’s ERC-20 standard to its new BEP2.

The exchange’s native blockchain currently supports various wallets, including Coinomi, Ledger, Enjin, Exodus, and the Binance-owned Trust Wallet. The firm has been inviting other crypto projects to get involved and issue tokens on the Binance Chain. Notably Binance’s CEO has claimed Binance Chain “does not challenge Ethereum.

Binance’s DEX was in a public testnet for two months before launch. During the testing period, Binance claims nearly 8.5 million transactions were made over various competitions and programs. In Binance DEX’s mainnet launch announcement, Zhao stated:

We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.

Binance is not the only leading cryptocurrency exchange working on a decentralized solution. OKEx has revealed plans to launch its own DEX called OKDEx, on its own native OKChain blockchain.

Bithumb, a leading South Korean trading platform, has had its decentralized exchange live for months, although its trading volume has led to suspicions.