Binance Smart Chain support added to FTX wallet

Popular crypto exchange, FTX has announced support of the Binance Smart Chain BEP-20 token as part of its wallet service in what appears to be an ongoing push toward market penetration.

FTX CEO Sam Bankman-Fried disclosed the development even though no official announcement was made.

“We now support BSC for BUSD and BNB in! (Withdrawals are live – deposits should be soon, if they aren’t already),” Bankman-Fried said.

From what is known, wallets that are integrated with FTX leverage the Binance Chain to support Binance USD (BUSD) and Binance Coin (BNB) withdrawals. In the near future, the company will offer users the ability to deposit in BSC BEP-20 tokens.

FTX US and other prohibited jurisdictions do not yet offer the same services as the United States-focused FTX platform.

Bankman-Fried observed in a previous interview that governments will need three to five years if they wish to develop regulations for crypto companies within their jurisdictions. According to reports, he also spends “five hours a day on everything from licensing to regulation.”

The exchange has signed a sponsorship deal worth $210 million with eSports organization, Team SoloMid (TSM). Those who play League of Legends, as well as other games like Fortnite and Player Unknown’s Battlegrounds (PUBG) are members of TSM FTX now.

In response to massive market volatility and growing regulatory scrutiny, the exchange has decided to curb high-margin trading by limiting investments that take on too much debt.