Binance plans to launch its new decentralized exchange this year, and will have much less of a say over the coins listed on the platform.
The decentralized exchange is called Binance Chain. According to a new report, nearly anyone will have the freedom to list a coin.
Binance founder and CEO Changpeng Zhao told Bloomberg his team will have a small amount of control, at best, over the new platform.
“On the decentralized exchange we’ll have less control,” says Zhao. “More likely anybody can list any coin. That’s the philosophy of the decentralized exchange, it’s freedom of choice, freedom of investments. But with freedom there will be people who are scammers. That’s not something we can control.”
Zhao says Binance Chain will require much more processing power than Binance, and will be slower, with higher fees.
Decentralized exchanges allow you to trade cryptocurrency by automating the process instead of relying on a centralized third party.
Users on decentralized exchanges are typically not required to create an account, share their name and disclose other personal information.
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