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Binance reigns as the largest Initial Exchange Offering platform, finds BitMEX research

Priya

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Binance reigns as the largest Initial Exchange Offering platform, finds BitMEX research
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Initial Exchange Offerings [IEO] is usually referred to as the concept replacing Initial Coin Offering [ICO]. More so, several new projects are opting to raise funds via an IEO instead of an ICO, considering the fact that top exchanges are the ones providing this service.

Binance, one of the largest exchanges in the world was one of the first exchanges to introduce a token sale platform, Binance Launchpad. The platform conducted a token sale for nine projects, with the most significant one being the BitTorrent token sale. A recent report by BitMEX research on Initial Exchange Offerings revealed that Binance was the largest Initial Exchange Offering platform.

Additionally, the exchange raised a total of $17.3 million in IEOs so far, with BitTorrent being the largest token sale on the platform since it raised $7.5 million via the IEO. The second largest token sale that took place on the platform was the Celer Network, with the project raising $4.5 million, and the third largest was Fetch.AI, with the project raising $4.1 million.



Source: BitMEX research

Source: BitMEX research

Notably, other exchanges providing token sale services on the platform include Huobi, Bittrex, Okex, BitMax, and KuCoin. So far, Huobi has held two token sales on its platform, for TOP and Newton, and secured the second position after raising a total of $8.1 million. Bittrex stood third with a total of $7 million for one project, VeriBlock.

BitMEX research stated,

“The number of IEOs taking place has intensified in recent months, as the model is proving somewhat successful. Smaller exchange platforms are attempting to replicate the model [..] US$38.9m has been raised so far by IEOs in 2019 (up to 25th April). Binance has been the most prolific IEO platform by a considerable margin.”

Top exchange platforms by IEO funds raised | Source: BitMEX Research

Top exchange platforms by IEO funds raised | Source: BitMEX Research





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities

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Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
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The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,



“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”





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