- Binance has invested in Rango, a cross-chain DEX and bridging aggregator, aiming to enhance interoperability across multiple blockchains, including Bitcoin, Solana, Tron, and Cosmos.
- Rango, which supports over 60 digital assets, 70 DEX protocols, and 20 bridges, has processed over 2.5 million crypto-related swaps and handles more than 3,000 trades daily.
Binance’s venture capital arm has announced its investment in a new cross-chain decentralized exchange (DEX) and bridging aggregator. In a recent blog post, the world’s largest crypto exchange by volume disclosed its investment in interoperability DEX Rango, although the specific amount remains undisclosed.
Rango is a cross-chain exchange that aggregates sources and connects traders to the best rates across multiple blockchains, including Bitcoin (BTC), Solana (SOL), Tron (TRX), and Cosmos (ATOM). According to Binance, Rango currently supports over 60 digital assets, 70 DEX protocols, and 20 bridges, with a total volume exceeding $3 billion. As of June 19th, Rango has processed over 2.5 million crypto-related swaps and handles more than 3,000 trades daily.
Traders can access Rango via popular crypto wallets such as Exodus, Compound, TrustWallet, and Binance’s proprietary wallet. Binance believes that Rango’s focus on decentralized finance (DeFi) infrastructure will pave the way for the next billion DeFi users. As per the official press release, Yi He, co-founder of Binance and head of Binance Labs, said:
Rango’s suite of services aligns with Binance Lab’s goal of supporting projects that bolster cross-chain development and innovation. We look forward to seeing Rango’s journey as it continues to shape the DeFi space.
The recent investment comes a week after Binance unveiled its Binance Incubation Alliance to nurture early-stage blockchain projects, per the Crypto News Flash report.
Binance Deals With Fresh Fines In India and Canada
While on one hand, crypto exchange Binance continues to make fresh investments in new innovative projects, it also continues to face legal hurdles in other global jurisdictions.
India’s Financial Intelligence Unit (FIU) has levied a fine of approximately $2.25 million against Binance for failing to comply with the country’s anti-money laundering (AML) regulations. Binance had registered with the FIU in May to align with regulations and resume operations in India, following show-cause notices issued to nine offshore exchanges for AML violations. The Ministry of Electronics and Information Technology was also urged to block online access to these exchanges.
Binance’s regulatory challenges extend beyond India. Canada’s anti-money laundering agency Fintrac has imposed a $4.38 million fine on the exchange for similar AML compliance issues. In May, Fintrac announced that Binance failed to register with the agency as a foreign money services business and did not report large virtual currency transactions of $10,000 or more.
Binance is appealing this fine in Federal Court, arguing that it does not target its services specifically at Canadian users and any involvement in the Canadian market is incidental to its global operations.
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