Binance Staking Launches DeXe Network Staking with up to 39.8% APY

One of the largest crypto exchanges Binance (BNB) was back in the news this week. In recent months, Binance has had a number of brushes with regulators in key jurisdictions.

Earlier in the week, we reported the SEC investigating two Binance affiliates, namely Sigma Chain AG and Merit Peak Ltd. The news comes amidst a marked increase in regulatory activity at the turn of the year.

Such has been the increased level of scrutiny that Binance has beefed up its compliance division with some big names to face off with regulators.

Stacking and High Yielding Products Face Intense Scrutiny

Late last week, BlockFi became the SEC’s latest victim, paying a $100m penalty. Back in November, the SEC alleged that BlockFi’s high-yielding accounts were unregistered securities.

Earlier in 2021, the states of Alabama, Kentucky, New Jersey, and Vermont had issued show-cause or cease-and-desist orders to force BlockFi to stop offering its products to state residents.

Other exchanges have also been targets of the SEC, with even Coinbase (COIN) coming under regulatory fire over plans to launch a digital asset lending program.

In spite of the increased regulatory scrutiny, exchanges continue to draw in new users with new product launches.

Binance Staking Launches DeXe Network (DEXE) Staking

Earlier today, Binance announced the launch of DeXe Network (DEXE) staking offering an APY of up to 39.80%. According to the latest announcement, Binance staking launched “a series of new high-yield DEXE Locked Staking activities”.

Activities on offer include:

• Deposit and staking of DEXE for periods of 10, 30, or 60 days to enjoy up to 39.80% APY. There is a maximum locked staking limit per user, depending upon the duration. The 10-day duration, with a max. limit of 40 DEXE, offers an APY of 39.8%.
• Buy-&-Stake DEXE to Share 5,000 DEXE. For the promo period of 17/02/22 to 24/02/22, users who spot-trade DEXE tokens and participate in 30/60 days of DEXE locked staking can participate in the activity. 1,000 users based on certain criteria, can win up to 5 DEXE tokens.
• Finally, first-time Locked-Staking users get the chance to share 1,500 DEXE in rewards. The first 500 users are eligible, with the first 100 places each receiving 5 DEXE.

Binance also took to Twitter to announce the new launch.

#Binance Staking launches @DexeNetwork $DEXE staking with up to 39.80% APY.

➡️ https://t.co/3C8Yj537L2 pic.twitter.com/ooJE619CaL

— Binance (@binance) February 17, 2022

What is DeXe Network?

The DeXe Network is a platform that offers the decentralized copying of successful traders across DeFi platforms. Users can select:

• Wallet-to-wallet Copying: Select a trader’s wallet address, unlock, and follow the trader by copying his/her activity automatically.
• DeXe Investments: Choose the best trader, lock assets in a smart contract, with the trader trading while managing the smart contract.

By market cap, DEXE was ranked #716 on CoinMarketCap, up by 7.37% for the day, at the time of writing.