BSC News

SafeMoon CEO: Exchange is ‘Built,’ Going Through Compliance

SafeMoon CEO John Karoney said the protocol's CEX has been built but is going through legal and compliance vetting before it can launch.

Exchange Will Launch in EU, Then US and UK

SafeMoon CEO John Karony said the protocol’s Centralized Exchange (CEX) is built but has to go through compliance and legal vetting before it is launched.

In a YouTube video, Karony said the exchange will not launch in 2022 (a difficult task considering it is the final week of the year), but he shared some details about the anticipated rollout.

“I can say with a high degree of confidence that we'll launch in the EU first, followed by the United States and the United Kingdom,” Karony said.

Acknowledging the potential disappointment of not launching in 2022, he said that given the current regulatory climate around CEXes, it is “pretty obvious” that they should take their time to address present and potential compliance and legal issues before going live.

“The SafeMoon exchange has been actively under development for a while and yes I hear, ‘Wen exchange? Wen exchange? Wen exchange?’ Well, it's built, it's undergoing internal testing, however, we still have a lot of compliance work to complete. Now we don't have an exact launch date for it yet,” Karony said.

The video goes on to show a preview of the SafeMoon Exchange UI.

What is SafeMoon:

The SafeMoon protocol is a community-driven, fairly launched Decentralized Finance (DeFi) token. Three simple functions occur during each trade: Reflection, LP Acquisition, and Burn. SafeMoon is an altcoin: a blockchain-based digital currency similar to Bitcoin but with distinctions. It launched in March 2021 and has already racked up over 2 million users.

SafeMoon’s unique feature is that it charges a 10% fee to anyone who sells their tokens; 5% of this fee is then redistributed to all other SafeMoon owners, essentially rewarding those who hang onto their tokens and disincentivizing selling.

Follow SafeMoon’s Socials:

Website | Twitter | Instagram | GitHub | Discord | Telegram | Reddit |

Related News