Binance, the world’s largest cryptocurrency exchange, is preparing to enter the prediction market.
According to recent news, Binance Wallet has announced the launch of its prediction market service. With this move, Binance is testing an in-app prediction market feature and joining the growing list of cryptocurrency exchanges venturing into this new sector.
Binance Wallet announced in an official statement that it will be sourcing features from third-party providers and has partnered with Predict.fun, a protocol running on the $BNB Smart Chain, to integrate prediction markets into Binance Wallet. Accordingly, a prediction market will be launched with Predict.fun acting as the provider.
Users will be able to participate in various bets created on Predict.Fun, a decentralized protocol based on $BNB Smart Chain (BSC). This feature will allow users to bet on future outcomes in areas such as sports, economics, world events, culture, and cryptocurrencies.
All transactions are conducted using Tether (USDT). Service may be restricted depending on local regulations.
With the new feature, users will need to create a separate, dedicated forecasting account to trade on event contracts, distinct from their spot trading accounts.
However, it remains unclear when Binance will officially roll out this feature or in which jurisdictions it will be available.
Binance’s move comes at a time when many major global cryptocurrency exchanges are entering the prediction market. As a reminder, in January Coinbase partnered with Kalshi and expanded its prediction market service to users across the US. Meanwhile, in February, Crypto.com launched an independent prediction market platform called OG.
*This is not investment advice.
