DeFi
Binance invests in cross-chain decentralized exchange Rango
- Binance has invested in Rango, a DEX aggregator and cross-chain bridging, aimed at improving interoperability between 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 over 3,000 transactions per day.
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 revealed its investment in DEX Rango interoperability, although the precise 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 19, Rango has processed over 2.5 million crypto-related swaps and processes over 3,000 transactions per day.
Traders can access Rango through 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. According to 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 strengthen cross-chain development and innovation. We look forward to seeing Rango’s journey as he 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, according to the Crypto News Flash report.
Binance deals with new fines in India and Canada
While on the one hand, crypto exchange Binance continues to make new investments in innovative new projects, it also continues to face legal obstacles in other global jurisdictions.
India’s Financial Intelligence Unit (FIU) has fined Binance approximately $2.25 million 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 asked to block online access to these exchanges.
Binance’s regulatory challenges extend beyond India. Canada’s anti-money laundering agency, Fintrac, fined the exchange $4.38 million over similar AML compliance issues. In May, Fintrac announced that Binance had not registered with the agency as a foreign money services business and had not reported large virtual currency transactions of $10,000 or more.
Binance is appealing this fine to the Federal Court, arguing that it does not target its services specifically at Canadian users and that any involvement in the Canadian market is incidental to its global operations.
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