The Binance Cloud solution looks to support bespoke exchanges, and the service offerings are high grade.
Cryptocurrency Cloud Exchange
Global cryptocurrency exchange Binance built out Binance Cloud, a fully functional exchange infrastructure solution designed to enable the deployment and launch of other crypto exchanges.
As posted on the Binance Blog, the solution leverages Binance’s technology to deploy liquidity provisions, regulatory compliance capacity, and system stability and reliability.
How It Works
Once the exchange is created, users can access it through a web browser or iPhone/Android app. After completing standard KYC/KYB procedures, users can deposit their crypto assets from their personal wallets or from fiat assets and can then utilize the exchange’s services.
What About Compliance?
Anyone with an interest in the crypto space understands the role compliance plays. Those who operate exchanges continue to push for more regulations to protect both the exchange and the user. Binance Cloud offers a customized compliance solution that includes KYC, KYB and of course, AML.
Anyone building their exchange through this service offering must do their due diligence to understand their jurisdiction’s local regulatory laws. They can then customize their needs through Binance Cloud. The system can arm a local team with the tools to analyze on-chain and off-chain transactions, providing them with a risk evaluation system.
Liquidity Pools
Binance Cloud offers partners flexibility to meet their clients’ needs. For example:
- Binance Cloud provides a matching engine and isolated liquidity pool to support listing any trading pairs needed;
- An exchange created through Binance Cloud can also tap into the liquidity of Binance.com for popular trading pairs;
- Another service includes a broker-dealer model where users can take advantage of deep order books and can execute against a local broker-dealer entity; and
- Sport and Perpetual Futures trading can also be supported.
Fiat Services
Binance Cloud can integrate local banks and third-party fiat networks to perform deposits and withdrawals on the self-created platform and can further support compliance based on local regulations.
Content Management System
The service provides a series of tools to help customize the exchange’s copywriting, pictures, themes, layouts, etc. They can build pages and an online code editor is provided to help with further customization such as business logos. You can even build out promotional pages. Where further customization is needed, supports are in place to aid the partner in developing bespoke features.
Coming Up
Binance Cloud is exploring staking features for POS tokens, an NFT marketplace for listing and trading NFTs, price and data oracles for clients to source more on/off chain data, and much more.
Yes, it is a little odd that Binance would provide a turnkey solution for a product that could, in theory, become a Binance competitor. However the features and solutions provided are high grade and if you’re looking to build out your own platform, this could provide a robust solution.
The costs associated with using Binance Cloud are variable based on a project’s specifications, but it may be worth considering if you find yourself in the market for a cryptocurrency exchange.
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