Binance

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Binance exchange review logo

Binance is the Chinese cryptocurrency exchange. As of March 2018, it is the largest one by the transaction volume per day. The CEO and founder of the Binance exchange is Changpeng Zhao. After the prohibition of Chinese authorities against the cryptocurrency operations, it changed its jurisdiction and now, the offices are located in Hong Kong and Tokyo. In March 2018, it faced a massive hacker attack, which was not successful.

Binance Review[edit]

The ICO of the Binance crypto-exchange took place in July 2017. During it, it was possible to collect about $15 million. on the first stage, the number of registered users exceeded 20 thousand people. In many things, the success of Binance was connected with a low commission for exchange transactions: now, the exchange takes a fixed fee of 0.1% for each transaction.

The founder and CEO of the crypto-exchange, Changpeng Zhao was previously the manager of the development section at Blockchain.com, the co-founder and technical manager of OKCoin as well as the founder and CEO of BijieTech. This is why there was such a high trust to the project from the part of the crypto-community.

History[edit]

Changpeng Zhao founded Binance in July 2017 in China. A few days before the launch of the exchange, Zhao raised $15 million in an ICO. Investors got their BNB tokens as part of the ICO. At the very beginning of Binance, Zhao was already aiming at scaling Binance Exchange into an entire blockchain ecosystem.

Within 6 months from its launch, Binance became the largest cryptocurrency exchange in the world. However, because of the ban of crypto exchanges by the Chinese government, Binance was forced to relocate. In 2020, Zhao claimed Binance headquarters to be where Zhao himself was. The absence of headquarters created Binance a list of problems concerning regulation of the platform’s operation in a number of countries. In April 2022, Zhao shared that the company would soon announce Binance’s permanent headquarters.

Binance Exchange[edit]

Binance enables userts to trade, fundraise, list and delist cryptocurrencies on its platform. Crypto enthusiasts have the opportunity to launch their own token using an ICO on the platform.

Binance supports trading of more than 600 cryptocurrencies. Fees for trading cryptocurrency on Binance is 0.1%.

On Binance, there are different trading pairs, as well as trading crypto-fiat pairs. Binance provides an interface for both complete beginner traders and those already familiar with traditional trading interfaces.

Users can buy crypto on Binance:

  • with credit/debit cards;
  • by transferring from a bank account;
  • using Binance P2P.


Referral[edit]

Binance doubled referral commission rewards to 40% for all accounts that hold 500 BNB or more, starting from 2018/05/19 0:00 AM (UTC). Each user’s commission rate will then be adjusted at 0:00 AM (UTC) each day based on their BNB holdings. The commission rate for all other users will remain at 20%.

Binance App[edit]

On 2017/09/11 Binance has released its mobile app for iOS, Android platforms. The applications are available on: https://support.binance.com/hc/en-us/articles/115001507851-Binance-Android-iOS-APP-Release.

2FA[edit]

How to resolve “binding failed” issue? Answer:

  • Make sure the “Google Authenticator” app is installed on your Mobile phone.
  • Make sure the time (clock) on your mobile phone (the one running the Google Authenticator app) and the computer (from which you are logging into Binance website) is synchronized.
  • Go to the Binance website and enter the right login password and 2FA code.

Google 2FA Guideline: https://support.binance.com/hc/en-us/articles/115000433432

By the way, they also accept SMS authentication now if you don’t have a smartphone or want to use it in conjunction. Please enable SMS Authentication in account center.

Binance Launchpad[edit]

In January 2019, Binance announced the launch of Binance Launchpad - a token launch platform for token sales and fundraisings.

Binance Launchpad Token ICOs

Binance Coin (BNB)[edit]

Main article: Binance Coin

BNB is the native token of Binance Chain and Binance Smart Chain (BSC). With the merging of Binance Chain and BSC in February 2022, the BNB ticker now stands for "Build and Build".

BNB was released in 2017 as a part of an ICO. The total supply of BNB is 200 million. As of April 2022, according to CoinMarketCap, there are 163,276,974.63 BNB in circulation .

Initially, BNB was issued on the [[ERC20] standard on Ethereum. Later, it started being issued on the BEP-2 standard. BEP-2 BNB became the native token of Binance Chain, launched in 2019, and Binance Smart Chain, launched in 2020.

BNB serves to pay transaction fees on Binance, Binance DEX, BNB Chain. Also, with BNB users can pay for other goods and services like buying a flight ticket.

Binance BEP-2 is burned on a Binance Chain. BNB is burned to reduce its total supply to 100,000,000. There is an automated token burning mechanism that regulates the burning of tokens based on the BNB price and the number of blocks created in the blockchain for a given period of time.

As of April 2022 the total amount of BNB burnt is 36,482,362.56 .

Binance coin price[edit]

The price of BNB token or Binance coin is always chaining, however, BitcoinWiki gives you a chance to see the prices online on Coin360 widget.

Binance hacked[edit]

Binance "HACK" - What actually happened

On March 7th, the security service of Binance noticed an abnormal trading activity on VIA / BTC market, which happened to be a part of a large attempt of phishing and theft. The earliest phishing attack took place in the early January, and on February 22nd, the biggest concentration of phishing attacks with the use of domains very similar to binance.com was noticed. According to the messages from the crypto-exchange, the hackers did not manage to steal the users’ funds.

According to the management, the attack against the crypto-exchange was “a large-scale and pre-planned operation.” Binance promised to pay $250 000 for the information about hackers and devoted additional $10 million as a reward for the cooperation in the prevention of similar situations in the future.




Promotion[edit]

2018

In 2018, Binance daily trading volume hit $1.2 billion. Binance counted 10 million users worldwide, and a presence in over 180 countries and regions around the world. Binance launched projects key to its ecosystem - Binance Labs, Binance Academy, Binance Research, Binance Charity, Trust Wallet. Binance established SAFU, Security Asset Fund for Users.

2019

Binance daily trading volume hit $2.86 billion. The number of platform users reached 15 million worldwide. Binance Chain testnet launched in February. In April the Binance DEX launched. BNB becomes the native token of Binance Chain. In September, Binance and Paxos introduced the BUSD stablecoin. In November, Binance started a partnership with Advcash. On November 6, Binance started its cooperation with the government of Ukraine. In November, Binance acquired WazirX, and in December, Binance acquired DappReview.

2020

Binance daily average trading volume hit $3.88 billion. There were over 16 million Binance users worldwide. In April, Binance bought CoinMarketCap, which was one of the largest mergers in the crypto world in 2020. Binance launched its Binance Pool. In July, Binance bought Swipe. Binance Bridge launched in October. In December, Binance Pool ranked among the top 3 mining pools in the world.

2021

One of the key Binance ecosystem projects in June 2021 was the Binance NFT Marketplace. In just half a year, more than 2.5 million NFTs of various categories were listed on the marketplace. The most expensive NFT on the marketplace cost $1,937,600. Binance NFT collaborated with the State Hermitage Museum and brands like Jimmy Choo, Balmain Paris, as well as with many popular show business figures.

2022

In February, Binance Smart Chain and Binance Chain merged into BNB Chain . In February, Binance bought a stake in Forbes for $200 million . In March, Binance received a license to operate in Bahrain and Dubai. Then, in April, Binance received an in-principle approval to operate in Abu Dhabi . In March 2022, Binance launched its EduFi program where users can earn cryptocurrencies by watching educational videos and reading articles on the topic of cryptocurrencies and blockchain .


Sources[edit]

See Also on BitcoinWiki[edit]



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