Binance
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies.
As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved out of China due to China’s increasing regulation of cryptocurrency.
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, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard.
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.
In September 2019, the exchange began offering perpetual futures contracts, allowing leverage as high as 125 times the value of the contracts. In November 2019, Binance acquired Indian bitcoin exchange WazirX.
On February 21, 2020, the Malta Financial Services Authority issued a public statement responding to media reports referring to Binance as a ‘Malta-based cryptocurrency’ company. The statement noted that Binance “is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.” The MFSA added that it was “assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight.”
On October 28, 2020, Forbes staff released leaked documents alleging that Binance and Changpeng Zhao (also known as CZ) created an elaborate corporate structure designed to intentionally deceive United States regulators and secretly profit from cryptocurrency investors.
Binance Summary
Registration was simple and quick for me and I was able to trade within 20 minutes of first turning on the app.
The website is detailed but also would be very suitable for experts in the field, as is the Mobile App.
Binance carries all of the major cryptocurrencies.
Join Binance with my referral code here
