CZ: Binance Decentralized Exchange will support Hardware Wallets

Binance, the world’s largest cryptocurrency exchange, will connect their hotly anticipated Decentralized Exchange with hardware wallets, once the former is launched.

Changpeng Zhao, better known in the wider crypto-community as CZ, the CEO of Binance, confirmed in a tweet that the decentralized exchange would support hardware wallets as soon as it is launched.

His tweet read:

“Binance DEX will support hardware wallets from day one of launch. So that you can be sure you private keys never leave your device.”

However, CZ did not specify which hardware wallets will be included in this integration. Top hardware wallets like Ledger, Trezor and KeepKey are likely to be in the circle, according to speculation amongst crypto enthusiasts.

Binance-enthusiasts are abuzz with this latest development, with a Twitter user responding to CZ’s announcement:

“Binance killing it in the space. Not bad for a toddler.”

Another Twitter user commented:

“Binance will be the most secure crypto trading DEX”

Several users are still unsure about the role the exchange’s native token, Binance Coin [BNB], will have in the decentralized exchange, with some hoping there is a staking opportunity for the twelfth-largest coin in the market.

This announcement follows the launch of the exchange’s over-the-counter (OTC) trading desk, Binance OTC, with a focus on trades of an extensive volume, over 20 Bitcoins [BTC] or $70,000.

Bittrex, the United States-based cryptocurrency exchange also launched their OTC trading desk earlier this month, with a pool of over 200 crypto-assets on its platform. Bitfinex launched their OTC desk in 2016, with Coinbase looking to do the same.

Despite the top US financial regulator, the Securities and Exchange Commission (SEC), having warned the cryptocurrency industry that decentralized exchanges will have to adhere to the laws, consumers are looking at these exchanges as an opportunity to work around the identification laws.

Back in November 2018, the regulatory body fronted charges against EtherDelta, an Ethereum-based decentralized exchange, over the exchange’s failure to comply with the required laws. Zachary Coburn, the founder of EtherDelta, agreed to pay $388,000 in penalties, disgorgement, and interest for the same.