What is Binance? Is it reliable?
Binance is an online exchange platform where users can trade cryptocurrencies. It supports hundreds of popular cryptocurrencies. Simply put, Binance is a crypto wallet that stores digital currency.
Through Binance, users can earn interest or conduct various transactions using cryptocurrency. Binance also has its own blockchain-based token, also known as BNB. Binance has been restricted in some countries for security reasons.
It allows crypto to crypto business and users can trade in a total of 360+ cryptocurrencies, virtual tokens including Bitcoin, Ethereum, Litecoin, Dogecoin.
History of Binance
Binance was first created in 2017. It was created by Chengpeng Zao, a popular software engineer, entrepreneur and investor.
Zao launched its business in July 2017 and within 6 months of its launch, Binance became the world’s largest crypto exchange.
One of the main reasons for Binance’s growing popularity is its extremely low cryptocurrency transaction fees. Binance has very high liquidity and users also get discounts if they pay in Binance’s own crypto BNB.
In addition to providing high-level security, Binance can process 1.4 million orders per second. Due to this, users can transact quickly. Binance allows trading, listing, fundraising, delisting and trading of cryptocurrencies. KYC must be filled to do business on Binance.
There are three types of transactions that can be done in Binance, including limit market, stop limit and one cancel the other order. In the limit order, the transaction is done at the price set by the user.
In market order, the transaction is executed at the highest price in the market and in one cancel the other order, the transaction is canceled. Although there is no charge for Binance transactions, transaction fees are charged according to the cryptocurrency and transaction amount at the time of withdrawal.
What is Binance Coin (BNB)?
Binance Coin is an internal token of the platform. Binance Coin has been launched to make crypto business easier on Binance. This coin was also released in 2017.
It was initially based on the Ethereum blockchain, but from 2019 it became a coin based on Binance’s own technology. One BNB is worth 311 US dollars. Binance Coin’s total market capitalization is around $49 billion.
Is Binance reliable?
Binance is a cryptocurrency trading platform trusted by millions of people worldwide.
Although many transactions are done through it, there are many third parties involved in it, so there is a possibility that it can be hacked. In 2022, hackers stole $570 million from BNB.
Recently, at Binance’s own request, Australia’s top financial regulator has revoked Binance’s derivatives license.
After it was found that Binance was allowing some customers to trade more than allowed in Australia, the crypto exchange is now under the supervision of the Australian Securities and Investments Commission, which is why Binance asked to revoke its derivatives license.
Along with this, Binance has been restricted and regulated to a large extent in the US and the UK. In America and UK, users have been using Binance using VirtuUp Private Network.
Apart from these countries, Binance transactions have been banned in Ontario, Canada, China, Malaysia, Japan, Thailand and some parts of Europe.
(with help from agencies)
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