Binance, the world’s largest cryptocurrency exchange, has introduced into its wallet application, prediction market, a new feature that allows users to participate in probability-based markets directly from the Binance wallet app. 

 

This feature was made possible through the integration of Predict.fun, an independent decentralized prediction market platform built on the BNB Chain, with Binance explicitly stating the integration of more prediction market platforms into its app in the future. 

 

With the integration of Predict.fun into its wallet app as well as other future prediction market integration, Binance aims to tap into the over $20 billion prediction markets volume, going toe-to-toe with giant prediction market platforms Kalshi and Polymarket which both account for 85–90% of the total global prediction market volume.

 

To encourage the mass adoption and use of this new prediction market feature, Binance is offering a gasless trading experience for all users. Thus, all trading fees incurred will be sponsored and catered for Binance itself, thereby making it very easy for its over 300 million users tap into the growing crypto prediction markets. 

 

Image credit: Binance

 

The Binance prediction market feature will also support market and limit orders, allowing traders execute trades immediately at the current best market price or leave immediately, without delay, as well as allowing traders execute trades at their specified price or even better. 

 

The Current State of Prediction Markets

Crypto prediction markets have grown rapidly in recent times, evolving from a niche segment of the crypto industry into a major sector in global finance. The global monthly trading volume across prediction market platforms has consistently exceeded 20 billion dollars, with last month recording approximately 25.7 billion dollars in trading volume.

 

Despite the high monthly trading volume and the growing number of unique crypto wallets actively trading across different platforms, prediction market companies have faced several regulatory challenges. This is especially true for the two largest platforms, Kalshi and Polymarket, whose trading volumes together account for about 92 to 93 percent of global prediction market activity.

 

Although the Commodity Futures Trading Commission, the federal regulator in the United States, has recently moved to defend prediction market companies from strict regulatory actions imposed by several states, the activities of these companies remain restricted in at least 11 states.

 

The services of Polymarket remain blocked in about 33 countries, while Kalshi is restricted in about 50 jurisdictions, although it is still available in roughly 140 countries.