The largest cryptocurrency exchange Binance introduced its own Web3 wallet, allowing users to interact with the decentralized finance (DeFi) ecosystem.
According to the terms of use published on the official Binance website, to create a Web3 wallet, the user needs to be linked to an existing account on the exchange. At the same time, Binance can monitor transactions for fraud, suspicious activity and sanctions evasion. In case of violation of the rules of use, the exchange reserves the right to freeze addresses for investigation.
The company’s new product supports 30 blockchain networks and will compete with other cryptocurrency wallets such as MetaMask and Trust Wallet, the latter of which was acquired by the exchange in 2018. The Trust Wallet Token (TWT) reacted with a sharp decline to the news of the emergence of a new wallet from Binance.
