According to the Binance website, you either have to purchase Binance USD (BUSD) or Tether (USDT) before you can swap it for SHIB.īinance issued a warning to its users after the Shib Inu listing, reminding investors that the meme token is a highly speculative asset: 'SHIB is a relatively new token that poses a higher than normal risk, and as such will be likely subject to high price volatility after the Binance listing.'Īs with any investment, if you plan on diving into the SHIB crypto craze, do your own research about SHIB's mission and fundamentals so that you fully understand what you're getting into. Earlier today, the SEC continued its crypto crackdown in a big way by filing 13 charges against various entities of Binance, including Binance.US and Binance founder Changpeng Zhao. Now you can purchase SHIB on Binance, but unfortunately, it's not any less convoluted. As such, prior to the Binance listing, in order to purchase SHIB, buyers had to purchase ETH (Ethereum's native cryptocurrency) and exchange it for SHIB on Uniswap. SHIB is an ERC-20 only token, which means that it runs on the Ethereum blockchain and uses its smart-contract technology. If you can, it's safer to trade on a decentralized exchange like Uniswap or 1inch.'

'There are some centralized exchanges that have listed SHIB, but have a history of locking funds. Before it was added to Binance's arsenal, SHIB also scored a listing, but at the time, the Shiba Inu team encouraged investors to purchase SHIB on Uniswap.

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