Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Binance Exchange is the largest crypto exchange by trading volume. Binance was founded in China by Changpeng Zhao.
The English equivalent of the word finance is written as ‘Finance’. The founders of Binance also announced their name as Binance, inspired by Bitcoin and the word ‘finance’, since Binance is a Bitcoin and cryptocurrency exchange.
Due to the Chinese government’s ban on cryptocurrency trading in September 2017, Binace has moved its headquarters from China to Japan. As of March 2018, the company has established offices in Taiwan. Along with an ICO (Initial Coin Offering) held on June 26 – July 3, 2017, Binance Coin (BNB) was launched for the first time. As of January 2018, it has become the largest cryptocurrency exchange with a market capitalization of $1.3 billion.
With the rules becoming more stringent in Japan and China, Binance has decided to open an office in Malta. In 2019, the company announced Binance Jersey, an independent entity from the main Binance.com exchange, to expand its influence in Europe. The Jersey-based exchange offered fiat-to-crypto currency pairs, including the euro and the British pound. The Jersey stock market finished its cryptocurrency investment transactions, mainly Euro and British pounds, on October 31, 2020. Until November 2020, users were able to trade and withdraw within the stock market. The total closure of the stock market occurred on 30 November 2020.
Binance announced in January 2019 that it has partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards. In 2019, hackers stole 7,000 Bitcoins from Binance. Although Binance stole $ 40 million in Bitcoin, it did not allow its users to be harmed. Binance has stopped further withdrawals and deposits but has allowed trading to continue. The site has committed to reimburse customers through the safe-asset fund.
What Are the Pros and Cons of Binance?
Like every cryptocurrency exchange, Binance has some advantages and disadvantages. Let’s examine these:
Advantages
- There are many cryptocurrencies available on the Binance exchange.
- Trading fees on Binance are among the lowest in the market. Withdrawal is always free, but withdrawal is paid. This is how most exchanges work.
- Users have a chance to win prizes when they regularly trade on the Binance exchange.
- Binance takes security very seriously. Two-factor authentication is required when customers register.
- Binance does not immediately list any old crypto. It needs to prove itself as a good cryptocurrency to be listed on Binance.
Disadvantages
- Customers cannot deposit using traditional payment methods.
- There are very different comments about Binance in customer service. This is because the stock market has so many customers.
