Accordingly, we have marked PancakeSwap as "allowing US-investors" in our database. As such, they are less scary for regulating authorities and the same reasons to prohibit citizens from certain countries to use them can't be applied. They normally don't accept any fiat currency. They never have custody of any user assets. It is very likely that more cases will follow.ĭecentralized exchanges are different beings than the abovementioned examples. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. If foreign companies solicit US investors anyway, the SEC can sue them. The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). S, E and C (the Securities Exchange Commission). Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. The following picture on 15 September 2021 shows the number of users signed up in the last 30 days, the volume of trades executed in the 30-days and the total value locked on the exchange. On the date of last updating this review (2 December 2021), the trading volume was roughly USD 6.9 billion. PancakeSwap Liquidity and StatisticsĪs for PancakeSwap, on the date of first writing this review (25 February 2021), the 24 hour trading volume was USD 881 million (according to information from ). However, DEXs normally have an order book with lower liquidity than their centralized counterparts. They are essentially immune to hacker attacks.Their servers spread out across the globe leading to a lower risk of server downtime.This makes it possible to create an account and right away be able to start trading. They normally do not require you to give out personal info.They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins.The platform is only possible to use if you connect your wallet to the platform.ĭEXs are becoming increasingly more popular, mostly due to the following factors: In order to use PancakeSwap you need to have one of the following wallets. Tired of reading? No problem, check out our video review of PancakeSwap here: PancakeSwap is a decentralized exchange (DEX) that launched in the "DeFi Year" of 2020.
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