Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies
Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume. See some statistics:
- 1,2 bn average daily volume.
- 1,400,00+ Transactions per second.
- 24/7 Support.
Binance vision is to increase the freedom of money globally. They believe that by spreading this freedom, we can significantly improve lives around the world. Binance wants to be the infrastructure services provider for the blockchain ecosystem.
Binance Smart Chain
5 months because it was first introduced in April 2020, the Binance Chain community has impelled the Binance Smart Chain (BSC). Created to run alongside Binance Chain, BSC makes it possible for the production of wise contracts for tokens on the Binance-branded blockchain. It additionally introduces a brand new betting mechanism for BNB, one of the globe’s leading cryptocurrencies.
The launch of BSC, an Ethereum Virtual Machine-compatible blockchain that prepares to be checked and also piloted by some of the leading tasks in the crypto market, is anticipated to significantly enhance the energy of both Binance Chain and also BNB. With the introduction of the Evidence of Staked Authority (PoSA) agreement mechanism, BSC creates an ecosystem where validators, token owners, developers, as well as individuals all take advantage of a fulfilling blockchain that provides high performance and sufficient room for further developments.
The Binance Chain community introduced BSC in time for the DeFi (decentralized financing) revolution, as the public shows boosted passion in alternative monetary remedies powered by blockchain. With BSC’s launch, DeFi projects and also the bigger blockchain community can utilize the most effective that Binance Chain needs to provide, strengthened by smart agreement support, cross-chain interoperability, and extra advantages that BSC brings. So the Binance Chain and Smart Chain community welcome all the dApp programmers and also tasks to try on this new sector.
While Coinbase as well as Robinhood have amassed heading after heading this year, for factors both good and also less than suitable, it is Cayman Islands-based Binance that is the globe’s leading cryptocurrency exchange.
Though U.S. investors can’t take advantage of the worldwide super exchange, they can access Binance through its San Francisco-based domestic station Binance.US, which, despite being targeted towards American individuals, is still among the leading 10 crypto exchanges on the planet, according to CoinMarketCap.com.
With relatively reduced costs, a wide range of popular cryptocurrencies available to trade as well as an intuitive system, it’s not hard to see why Binance.US has actually ended up being so popular so swiftly. If you’re interested in buying cryptos, the Binance.US platform should use most, otherwise all, of what you’re looking for.
Yet keep in mind that no matter where you pick to get your coins, cryptocurrencies all feature a huge buyer beware: They are, by their nature, very speculative as well as subject to wild volatility on the tiniest bit of information. That’s why most experts don’t recommend you invest every one of your money in them.
- Low fees, especially compared to its main rivals
- Wide variety of cryptocurrencies supported
- Easy-to-navigate versions of the exchange that correspond to your cryptocurrency comfort and experience
- Not available to all U.S. residents
- Its parent company was recently subject to a major hack
Binance Now Blocked in China
On July 8, many Binance users found out that the website had been banned in China.
The exchange’s mobile app is also inaccessible due to backend API calls being blocked, according to cryptocurrency blogger Colin Wu.
The country’s “great firewall” now prevents users from accessing the cryptocurrency exchange, meaning that it can only be visited with the help of a virtual private network (VPN) service.
Notably, Binance’s rivals, such as Huobi and OKEx, are still available in China.
BNB powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more. Read the Binance News: Binance Page
- Categories: Bitcoin, Cryptocurrency, Ethereum, Finance, FinTech, Internet, Stock Exchanges
- Headquarters Regions European Union (EU)
- Founded Date Jul 1, 2017
- Founders Changpeng Zhao, Yi HeO
- perating Status Active
- Last Funding Type Venture – Series Unknown
- Number of Employees 251-500
- Legal Name Binance Holdings Limited
- IPO Status Private
- Company Type For Profit
- Website www.binance.com
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- LinkedIn View on LinkedIn
- Twitter View on Twitter
- Contact Email [email protected]
Binance is a cryptocurrency exchange platform that combines digital technology and finance. The company provides access to exchange digital currency pairs on the market while maintaining security, liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.
CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.
The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017. By March 2018 the company had established offices in Taiwan.
As of January 2018 it was largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.
In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China. In April 2018, Binance signed a Memorandum of Understanding (MoU) with the Government of Bermuda. Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens. In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.
In August 2018, Binance along with three other big exchanges raised $32 million for a stable coin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.
In January 2019, they announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex’s local bank policies and are limited to Bitcoin, Ethereum, Litecoin and Ripple’s XRP.
On May 7, 2019, Binance revealed that it had been the victim of a “large scale security breach” in which hackers had stolen 7,000 Bitcoin worth around U.S.$40 million at the time. Binance CEO Changpeng Zhao said the hackers “used a variety of techniques, including phishing, viruses and other attacks” and structured their transaction “in a way that passed our existing security checks.” Binance halted further withdrawals and deposits but allowed trading to continue. The site pledged to reimburse customers through its secure asset fund.