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]

At the beginning of 2018, the crypto-exchange even had to stop the registration of new users to update its architecture. After the registration was resumed after several days, during the first hour, about 240 thousand users have been registered on the exchange.

When the Chinese authorities started applying prohibitive measures against the cryptocurrency industry, many crypto-exchanges in China have changed their jurisdiction. Binance also transferred its business to Hong Kong and Japan.

For the moment, about 50 cryptocurrencies are being traded on Binance. It is on the first place among all crypto-exchanges by the daily trading volume. As of March 13, 2018, this index makes out $1 401 008 816.

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 Coin (BNB)[edit]

Main article: Binance Coin

Binance Coin is an Ethereum-based token that allows you to receive discounts on the services of the Binance platform is a cryptocurrency exchange, which in the future will become a decentralized exchange of blockchain assets. BNB also provides users with access to advanced features to be used on the new decentralized exchange.

Binance Coin (BNB) Price Online From CoinMarketCap

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.

Resources[edit]

Binance Official website

Review

How to use Binance- Complete Guide

Binance verification

Binance Coinmarketcap

Binance exchange

See Also[edit]


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