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“From personal investing to building a long-lasting company, it’s important to understand what’s fragile and what’s not is important. We definitely want Binance to be antifragile.” – CZ, CEO and Co-Founder of Binance
Binance is a digital currency exchange (DEX) that surfaced on the financial scene in July 2017. Six months later, Binance was already the world’s largest cryptocurrency exchange in terms of trading volume. The exchange was founded by Changpeng Zhao, a Chinese-Canadian businessman with a vast background in technology. Binance first started its operations in China. However, it reluctantly relocated after the Chinese financial regulators instated strict laws against cryptocurrency trade within its borders.
Binance is a blockchain company operating the world’s largest cryptocurrency exchange by trading volume and users, according to its website. Binance also boasts of facilitating genuine cryptocurrency adoption by introducing a decentralized financial system.
Changpeng Zhao (CZ)
Binance’s CEO, CZ, was born in 1977 in Jiangsu Province, China. In the late ’80s, his family relocated to Vancouver, British Columbia. CZ studied Computer Science at Montreal-based McGill University. During his teenage years, he worked as a McDonald’s employee to support his family.
Zhao worked for various platforms, including the Tokyo Stock Exchange and Bloomberg Tradebook (New Jersey USA, London, and Tokyo). During his time at Bloomberg Tradebook, he contributed to the development of futures trading software. Zhao became unsatisfied with his employment, despite his numerous promotions during his spell. So, he decided to create his unique path to success.
CZ’s rise to fame began in 2005 when he founded a Fusion Systems company in Shanghai. Fusion systems spearheaded the development of fast high-frequency trading systems. Later, Zhao discovered cryptocurrencies during a poker game with a venture capitalist. The latter shared quite extensive information about Bitcoin and blockchain technology.
Changpeng Zhao dived deeper into the world of blockchain projects and joined Blockchain.info. Later on, he became the Chief Technology Officer at OKCoin. Then, Zhao acquired even more experience in trading fiat and digital currencies. Along the way, he joined hands with Bitcoin enthusiasts Ben Reeves and Roger Ver.
Following the development of Binance, Changpeng Zhao’s current net worth is around $1.9 billion. According to Forbes Magazine’s list of the Richest People in Cryptocurrency, CZ is the third richest in this sector.
The Binance Exchange
In July 2017, Changpeng Zhao and Yi He, both employees of OKCoin, developed Binance’s as a crypto to crypto exchange. The company’s name, Binance, is a combo of two words, Binary and Finance.
The two former OKCoin employees used their massive crypto experience to formulate a funding solution for their project. They started by launching a fundraiser on an Initial Coin Offering (ICO) basis. They offered investors 100 million BNB, the native token within the Binance ecosystem, in return for funds. Since it was a period where crypto was an exciting prospect to merchants, they managed to raise a mind-blowing $15 million. The proceeds’ allocation continued as follows:
35% was allocated to building the platform and system upgrades.
50% was invested in marketing and branding.
15% was set aside as an Emergency Fund.
Binance had placed its primary operations and systems in China. However, the company moved out of China after the region’s government imposed a law hindering Cryptocurrency trade in September 2017. The regulation aimed to ban Initial Coin Offerings. The interdiction on ICOs prompted Binance to relocate to other countries. This way, it could continue offering cryptocurrency trading and custodial services.
In early 2018, Binance had already extended its reach to other countries after building offices in Taiwan. The market capitalization of the company at the start of 2018 had hit $1.3 billion. At the time, Binance had targeted its advancements to areas such as Malta and British Island territory, Bermuda.
After signing a Memorandum of Understanding (MoU) with both the Bermudian and Malta Governments, Binance set up shop in both regions. In 2019, they developed a separate entity, Binance Jersey, to extend Binance’s influence on American soil. The exchange in Jersey focused on fiat to cryptocurrency pairs, including currencies such as the Euro and Sterling Pounds. Later that year, the exchange started offering perpetual futures contracts.
The headquarters of Binance was formerly in Malta. However, all that changed after the Malta Financial Services Authority denied its operations. The institution stated that the exchange had no jurisdiction to facilitate cryptocurrency services in the country. Additionally, in an interviewwith Unchained, CEO Zhao stated that Binance has no headquarters. Also, CZ said it would be out of order to base the exchange’s operations on a central office.
Binance exchange has been working on providing a unique trading experience with appealing features, such as:
Binance allows users to deposit both cryptocurrencies and fiat currencies from other digital wallets and bank money cards. In addition, the exchange accepts all the major currencies, including the Sterling Pound, US Dollar.
Binance has a user-friendly interface for both expert traders and novices. In addition, you can find in-depth articles on basic trading on the Binance academy website.
The exchangeoffers significant crypto and fiat-based financial services. They include crypto purchases and cryptocurrency transactions leveragingpeer-to-peertechnology. Additionally, it accepts Visa or MasterCard payments. This way, it allows users to purchase cryptocurrency with money from their bank accounts.
Binance users have the option to trade using either their smartphones or their computers. Also, they can install the Binance app available on android, IOS, and Windows.
On the exchange, users can stake their cryptocurrency for rewards. Alternatively, they can borrow virtual currencies with their digital assets as collateral.
Binance is one of the exchanges with the most coin listings in the industry. At the moment, it hosts hundreds of cryptocurrency pairs, fiat currencies, and stablecoins. Users can choose to trade them as they please.
The exchange operates on high-security measures with 2-FA verification technology. Also, it employs strict anti-phishing incentives, which several websites still do not use.
Binance leverages Futures, Margin, and Spot trading all-in-one platform.
The exchange uses chart drawing technology for expert traders from TradingView. This should help them draw statistics that will aid in decision-making.
Binance has an operational 24/7 customer service line. Their agents are always ready to solve queries from worldwide users.
Binance has developed several programs to create a good experience for its vast number of clients, such as:
Affiliate Program
This program allows users to create referral links, which they can use to invite their associates to register on Binance. If the associate registers on Binance using the link, the link provider will become a referee. The referee also earns a commission for every trade, transaction, or reward that the associate gains.
Broker Program
In August 2020, Binance introduced a program that allows brokers to provide digital asset trading platforms for worldwide users via API. As brokers provide liquidity for the Binance space, they earn profits from trading fees. Furthermore, they get to enjoy account management and settlement systems services.
Angel Program
In its early stages, Binance came up with a way to boost user numbers. This method involved asking individuals to help them recruit more clients. Binance Angels would receive various tasks. For example, they could help people use Binance or answer queries on the support page. Also, they had to inform Binance of market suggestions and enable the exchange to announce upcoming events.
The angels received high priority in the company’s decision-making process. For example, they took part in critical company meetings and could contact the significant players within the Binance team.
VIP Program
The exchange has created a special place for big-time traders via a VIP program with 9 stages of benefits. VIP traders enjoy several advantages, such as lower trading fees than regular traders pay. Also, they get a one-on-one account support manager experience. Lastly, they can have an exclusive once-a-year dinner with the Binance executives.
Market Maker Program
In 2019, Binance announced a new program that would open doors for market makers around the world. The market makers were also allowed to provide liquidity to the Binance ecosystem. With quality market maneuvering strategies, market makers can join the program and enjoy high API limits with reduced trading fees.
Lending Program
In this program, users can loan out their digital assets to margin traders. The latter have to pay interest at rates depending on the loan period loan and the asset value. The loans come in the form of flexible deposits. Here, loaners can withdraw their profits anytime. Also, they have access to fixed deposits. Here, renters specify the number of assets they want to earn and the period they wish to rent their digital property. They can only withdraw earnings only when they meet specific criteria.
Area of Operations
Binance revoked the rights of 21 countries. Before that, citizens from these nations could use their credit cards for transactions. These countries included Columbia, Israel, Kazakhstan, India, Hong Kong, Brazil, Mexico, Taiwan, Nigeria, Argentina, and Kenya.
How to use Binance
Binance stands apart from other crypto exchanges through its ease of use. For instance, both novice traders and experts can conveniently use all its features.
Here is how to sign up for your first Binance Account:
Registration: Open your browser of choice and go towww.binance.com. On the home page, click Register. Next, enter your Email credentials and create a password. Next, read the terms and conditions of Binance operation parameters. Lastly, after readingBinance’s Terms’ hit the create account tab.
Confirm you are not a robot.
Binance will send a verification link to your email account to open your Binance account. Use it to verify you are the one opening a new Binance account.
Everyone should enable 2FA verification for security purposes, but one can choose to skip the 2FA process.
After registration, here is how to fund your account with cryptocurrency:
First, sign in to your Binance account and left-click your mouse on the wallets tab on your dashboard.
Click on Deposit.
Choose Crypto.
Choose the cryptocurrency you would like to deposit.
After that, select a deposit network. Be keen to choose one that corresponds with the platform you wish to withdraw funds from. Otherwise, you will lose funds.
For example, choose the BEP-2 address on the Binance Chain. Then, select the BEP-20 address on the Binance Smart Chain for the BEP-20 token. Alternatively, you can pick the ERC-20 address on the Ethereum network for ERC-20 tokens.
A MEMO is an imperative requirement since BNB deposit addresses for all users are similar. Also, the MEMO helps you deposit the virtual currency to the appropriate wallet.
Copy the deposit address and MEMO from the deposit page on Binance.
Choose the cryptocurrency you wish to deposit in your Trust Wallet.
Click Send.
Paste the deposit address and MEMO from the deposit page on Binance. Also, QR codes are available if you are using a smartphone.
Ensure you verify the transaction.
You can use the Block explorer on the Binance website to search for complete transactions. For instance, you can enter the Transaction ID in the search bar.
Here’s how to withdraw funds from Binance:
Sign in to your Binance account and click on the wallet tab.
Select Withdraw.
Choose the cryptocurrency you want to withdraw from those available in your wallet.
Select the network through which the funds will reach your account.
Choose the recipient’s address from the address list available. If you are withdrawing funds to a new address, follow these instructions:
Click on Address Management to input a new address.
Point your mouse to add withdrawal address and click left.
Carefully choose the network, coin, and key in the address information.
Check the ‘add to whitelist’ box and hit the submit tab.
Select Send Code.
You will then have to provide the key in the verification code that you will receive. You can do so either by phone or email, which tags along with your Google Authenticator App. After typing in the necessary codes, select submit.
Enter the amount you wish to withdraw. The transaction fees and final balance will be visible after you type the amount you want to withdraw. When ready, tap the “Submit” button.
You will receive a verification code by email or phone. Together with it, you will get your Google Authenticator App code. When you finish, select submit.
Trading on Binance could be a difficult task for novice merchants. However, beginners can follow these steps:
First, sign in to your Binance account.
Next, click on ‘Exchange’ on the taskbar and then select “basic.”
Choose the trading pair of cryptocurrencies available in your Binance wallet. For instance, you can select BTC if you have Bitcoin in your wallet to see which pairs are available.
Select the type of trade you wish to execute:
Limit Orders allows you to select the minimum and maximum price you would like to sell your cryptocurrency. Also, it enables you to set the same limits for buying other coins. Next, wait for a trader to accept your terms, which will initiate a trade.
Market Orders – It requires you to sell cryptocurrency for its market value at the time of sale.
Stop-limit Orders – These sales occur when the coins you want to buy or sell reach a specific value. This trade type suits the best expert traders.
Binance US
In September 2019, Binance licensed its technology and name to BAM Trading Services from San Francisco, California. The latter created Binance US to emulate every piece of technology from the Binance platform. However, it remains an entirely separate entity. The company’s CEO is Catherine Coley, a former Ripple employee and a financial analyst for Morgan Stanley.
According to a Forbes interview with Catherine Coley, Binance US has not specified the entity’s owner. Changpeng Zhao also has administrator rights on the trading platform. He heads a three-member board that includes CZ, Catherine Coley, and Wei Zho.
The US-based exchange has over 50 trading coins, including major virtual currencies like BTC, ETH, and stablecoins such as USDC. Fees and minimum trading values include:
The minimum trading amount is 10$.
The exchange charges a 0.1% fee on Spot trade profits and 0.5% of the earnings from instant trades. The latter involves both buying and selling virtual currencies.
Binance charges debit card users a 4.5% fee of the trading amount they deposit on their Binance accounts. The exchange’s terms and conditions apply.
Binance US leverages basic, OTC, peer-to-peer, and advanced trading. The exchange is available in 43 states within the United States border. However, it is not operational in Hawaii, New York, Connecticut, Texas, Vermont, Louisiana, and Idaho.
Partnerships and Acquisitions
Over the years, Binance has picked up several partners that helped the platform grow to its current heights. Some of Binance’s known associates include:
Brave browser
Swipe
Chainlink
FTX
Amun
HTC
Travelbybit
Vertex Ventures
Koinal
Coinfirm
Tagomi
Paxos
Elliptic
Band protocol
Papara
Orbs Blockchain
Refinitiv
Z Corporation
Settle Network
Coinmarketcap
Travala
Dappradar
CipherTrace
Trading Trends
Coin Listings
Binance lists over 180 coins on its platform. The top-20 trading coins by market capitalization on the exchange at press time are:
The trading platform tends to list new coins on the market. This affects the pricing of these coins, an impact also known as the “Binance Effect.” According to crypto trading analysts, if Binance lists a coin, traders show instant interest in it. As a result, it immediately increases the credibility and legitimacy of that specific currency.
Nevertheless, analysts say that in the long term, the Binance effect will become an unpopular opinion. One trading expert from cryptocurrency blog icoexaminer shared his views on the long term effect of Binance listing, saying:
Most ICO project teams are aware of long-term null-effect of Binance but still prefer to go down the route of a Binance listing for one other significant reason – an entirely psychological one.
An example of a virtual currency that experienced the Binance effect is the Golem token. Its price surged by 50% after being Binance listed it on the first day of its existence. Another example of the listing effect occurred when Dogecoin ($DOGE) appeared on the exchange. The virtual currency, favored by billionaire Elon Musk, increased by 37% after Binance announced its listing on the exchange.
Market Capitalization and Liquidity
The Binance exchange displays the market capitalization of every coin traded on its network to help investors make decisions when trading. Additionally, Binance shows users the amount mined and in circulation for every cryptocurrency.
Trading Platforms
Binance leverages several trading platforms on its mainstream network. Each of the platforms has distinctions in listings ranging between crypto, crypto trading, and cryptocurrency pairs. The platforms are either basic or advanced trading. However, all involve futures, P2P, margin, and OTC trading.
P2P Trading
Peer-to-Peer trading is by far the most straightforward platform to trade on within the Binance exchange ecosystem. This type of trading involves a network where cryptocurrency traders and investors interact directly while buying and selling digital currencies.
One of the advantages of this platform is the low trading charges. Also, traders can dictate how they want to receive payments. For instance, they can choose from almost 150 payment platforms. Lastly, the platform does not collect personal information from any party involved in a transaction. The Binance P2P trading platform also supports selling coins without the KYC protocol. However, for that, users have to activate the 2FA security verification.
Binance charges zero trading fees on its P2P exchange platform, regardless of the nature of the currencies in the trade.
Margin Trading
Margin trading involves buying and selling digital assets with liquidity provided by a third-party investor. For example, if you own a Binance margin account, you can access funds and leverage positions.
To open a margin trading account on Binance, follow the steps below:
After logging in on your Binance account, click the dashboard on the Binance homepage.
On the dashboard page, click on margin.
Verify your KYC and 2FA security protocols.
Carefully go through the margin trading risks and then hit the ‘open margin account’ tab.
Next, go through the T&C’s of margin trading and hit the ‘I understand’ tab.
Here is how to deposit funds into your margin trading account:
On your Binance account dashboard, click on the wallet.
Select margin.
Select the cryptocurrency you want to transfer, let’s say BNB.
Write the amount of BNB you wish to transfer from your Binance wallet to your margin account and click “confirm.”
Here is how to borrow funds for your margin wallet:
The virtual currency in your margin wallet will become collateral. The amount of funds you can borrow depends on the amount of collateral you hold. The platform calculates it at a fixed rate of the ratio 5:1. This means that if you have 1 BNB, you can borrow 4 more.
On the margin trading page, click on borrow/repay of the coin you wish to borrow.
Enter the amount you wish to borrow following the ratio above.
Finally, tap on “Confirm.”
The amount you borrowed will be credited to your margin wallet for trading. In addition, you will be required to repay the assets you borrowed with an interest that updates every hour.
Futures Trading
Binance futures trading involves going long or short on a futures contract. You can try to predict whether the value of a futures contract will go up or down in the future. That includes leverage of about 125X over the amount you hold. Here’s how to open a futures account:
Sign in to your Binance account, and then click on the Binance futures tab.
Hit the open account option.
You can input a referral code before hitting the ‘open now’ tab if you have a referral code.
You must activate 2FA verification before you commence your Binance futures trading journey.
Please note that futures trading and spot trading are not similar. That’s because Spot trading involves immediate delivery of profits. On the other hand, Futures trading entails future or delayed payments.
Binance calculates trading fees on futures are by your 30-day trading volume and VIP level.
OTC Trading
Binance Over-The-Counter (OTC) trading came to life in January 2019. It started as an idea that the exchange birthed from the difficulties traders faced while buying prominent altcoins. Exchanges are used to order books in their market portals to help merchants find reasonable prices to buy and sell cryptocurrency.
If the amount of crypto one required was not available on the order book, the purchase became tricky. For instance, the user would have to buy big coins from different traders.
After OTC trading launched on the exchange scene, investors acquired the ability to contact traders directly. All of it while holding the amount of crypto they required. The discussed terms between the two trading parties are only visible to them. Also, the effect of the trade on the market is considered zero. However, the market may affect how much you trade your coins since they may move against you. Therefore, be very careful and watch the market trends before you decide to trade.
Here are the upsides of Binance OTC trading;
Trading is not complex since Binance will move your coins once it finds a buyer or seller.
Payments are fast compared to most OTC exchange portals, with major coin settlements like BTC in minutes.
The coins’ exchange is simultaneously eliminating trust issues.
OTC trading creates an anonymous trading background. There, the details of the parties involved are not visible to every trader on the ledger.
Binance does not charge trading fees on OTC trades on its platform.
Binance Coin (BNB)
Bnb
4Rank
Binance Coin
$210,25 price
0.16003% price change
24 hours-0.16%
7 days-2.1%
14 days-1.71%
30 days-3.22%
1 year-24.67%
$32.4 B marketcap
$174.8 M 24h trading volume
$210,04 / $210,94 24h low / 24h high
What is Binance Coin (BNB)
Binance launched its native token, Binance Coin, on 3 July 2017. Its initial price stood at 1BTC for 20K BNB or 1ETH for 2.7K BNB. At first, BNB ran on the Ethereum network as an ERC-20 token. However, it transferred to the BEP-2 BNB network on a 1:1 ratio. According to the exchange’s blog, the BEP-2 BNB is a token based on the Binance Chain, whose mainnet launched in 2019.
BNB coin has picked up a stir of use cases over the years, from travel payments to virtual gifts, among others. You can store your BNB in several wallets, including the Ledger wallet and Trust wallet. Also, you can keep it in Enjin wallet, Atomic Wallet, Exodus, Coinomi, and many others.
At the time of writing, the price of BNB was $430 with a market cap of about $72B. Over 150 million coins are circulating the market out of the 170 million in supply. Although the supply after the ICO was 200 BNB, the value diminished. That’s because of the coin’s burning protocol to limit the supply after every quarter in a financial year.
Binance Smart Chain
The Binance Smart Chain arrived on the scene after Binance improved the Binance Chain. The latter launched in early 2019, aiming to offer fast, decentralized, and user-focused transactions to BNB users. However, the network was not that flexible. That’s because smart contracts are efficient but can crowd a network devastatingly.
Network scalability is still one of the most significant issues facing blockchain today. However, as more people use them, the ecosystems find it hard to accommodate the insatiable demand. For that reason, Binance created BSC, an Ethereum Virtual Machine compatible smart chain network that works parallel with the limited Binance chain.
BSC supports ETH Dapps, making it one of the most scalable blockchains in the crypto-verse. In addition, the network can handle whatever the Binance Chain offers. However, it is entirely independent and does not rely on the functionality of the latter.
BSC works on a consensus protocol; it uses the Proof-of-Stake Authority (PoSA) for decision-making within the blockchain. Therefore, to become a BSC validator, you are required to stake BNB.
Furthermore, BSC allows multi-chain coin transfers as BNB is found in three forms. BNB BEP-2 is present on the Binance Chain, BNB BEP-20 for BSC, and BNB ERC-20 for the Ethereum network. All of the tokens above can transfer to and from the Binance Smart Chain.
The Binance Smart Chain gives users the ability to tokenize their coins and trade them as Decentralized Finance tokens. The flexibility of BSC ensures that DeFi and NFTs are incorporated, allowing traders to participate in yield farming and exchanging assets without fear.
Binance Launchpad and Launchpool
The Binance Launchpad is an all-exclusive platform that focuses on token launches. The Binance Launchpad aids blockchain-based projects to raise operating finances, enabling them to expand their services worldwide. In layman terms, Binance gives its users access to upcoming tokens. Also, it provides blockchain projects tips and ways to maneuver the financial market.
Binance launched the Binance Launchpool in September 2020. It is a platform that gives users the ability to reap new token rewards from staking emergent project coins such as BNB. The first project that it hosted was the Bella Protocol (BEL).
In March 2021, Binance tracked the successful spell of its launch pool. It stated that it had launched 15 crypto projects. Also, it saw the distribution of $529 million in tokens to approximately 400K crypto owners. Lastly, it accumulated a mind-blowing $4.6 billion in Total Value Locked (TVL).
When Binance Launchpool hosts a crypto project, the latter gets gains the following benefits:
Insight into Binance marketing methods, listings, and the Binance community participation
Linking to other projects and services within the Binance ecosystem
A boost in asset liquidity and adoption rate from users within the Binance ecosystem and the financial market.
Credibility
The table below shows the high-performing tokens on the Binance Launchpool this year.
Token
Total Rewards Value at Launch
Recent Net Worth of Tokens
DODO
$2,973,260
$4,705,879
LIT
$750,000
$24,630,000
BTCST
$320,000
$12,279,600
OG
$9,058,740
$3,328,499
ATM
$6,875,952
$2,357,845
ASR
$10,169,085
$3,477,041
REEF
$780,000.00
$22,500,000
PSG
$2,313,776
$1,816,170
JUV
$3,079,831
$2,090,335
UNFI
$520,000
$13,712,000
HARD
$5,100,000
$10,560,000
CTK
$1,155,000
$2,655,000
ALPHA
$1,000,000
$87,000,000
XVS
$24,000,000
$290,760,000
FLM
$1,875,000
$2,401,250
TOTAL
$69,970,644
$484,573,622
The one below shows the growth rate of tokens.
Token
Token Rewards Value at Launch
Recent Net worth of Tokens
Growth
ALPHA
$1,00,000
$87,000,000
+8600%
BTCST
$320,000
$12,579,600
+3831%
LIT
$750,000
$24,630,000
+3184%
REEF
$780,000.00
$22,500,000
+2785%
UNFI
$520,000
$13,712,000
+2537%
Binance in the News
Binance Counts 2020 as a ‘Milestone Year’
The company’s blogrevealed a successful spree for the exchange at the end of the year, in which it reached a critical milestone. The exchange had accumulated a whopping $15B 24h trading volume, which surpassed the previous year by $10B. In addition, its customer service had recovered 7 million USDT, more than half the number recovered since its launch.
The Binance Smart Chain launched over 60 projects and had over 600K unique addresses during the year. The Binance Launchpool and Launchpad had collected over $14M funds after the launch of six tokens. In addition, the Launchpool had generated $637M in total value locked.
The Binance family recorded 5 million people who entrusted their funds to the Binance Trust Wallet. Additionally, the company had donated over $1M to the needy through the Binance Charity and provided 1.5M PPE’s to hospitals in over 25 countries.
Binance vs. COVID-19
In March 2020, the exchange launched a funding campaign dubbed “Crypto against COVID-19” through its charity program. The total amount raised was used in buying medical supplies for countries that were hard-hit by the global pandemic. According to the company’s blog, Binance encouraged the crypto community to help health workers fight the virus. CEO Zhao said,
The crypto community is a growing force, and we have an opportunity to strengthen this through philanthropy. We encourage the community to take part in this initiative as we unite against COVID-19, and together, we’ll drive impact.
Binance ensured that the donation program was transparent by displaying details on the company’sCharity website. Some countries that received the aid include Brazil, Ghana, India, Chile, Italy, Japan, Mexico, the Philippines, and Peru.
Binance CEO CZ Disputes the Notion that Binance has a Headquarters
Changpeng Zhao, the founder and CEO of worldwide exchange Binance stated that the company does not have an HQ. However, in aninterview with crypto-associated reporter Laura Shin, CZ said that Binance headquarters is where he is as he drew a comparison of the company with BTC, saying,” ….Bitcoin does not have an office.”
CZ further spoke about why there is no reason why Binance should have a central office, saying the company has offices in over 50 countries. He added that the exchange does not need a postal address like traditional financial offices. CZ somewhat dodged several questions Laura Shin threw at him, but he insisted that he is not withholding any details, and Binance is wide open with no obfuscation.
Nevertheless, when he was asked if the company is a decentralized autonomous organization (DAO), he said that the classification is a debate he would not like to start. Contrary to what several mainstream services on the internet show, CZ does not acknowledge Malta as Binance Headquarters.
CZ Displays Anger over the Block’s Alleged ‘Fake News
The Binance CEO was so irritated by the report news blog The Block made about Binance Shanghai offices closing down, to the point that he vowed to sue the news company. The CEO took toTwitter, saying the Block was unapologetic and shamed their ‘bureaucratic ways’ of dealing with lousy journalism.
The Block had reported that police had raided Binance offices in Shanghai,and the establishments were closed down. According to a tweet sent by Binance CEO CZ, there were no Binance offices operational in Shanghai. The article claimed that over 50 Binance employees had lost their jobs over the impromptu closure. However, an undisclosed Binance Spokesperson stated that Binance had no fixed offices in China as the company was barely operational in the country.
The news blog had stated that it would change the misleading headline ‘police raid.’ However, CZ furiously expressed himself, saying the Block should own up to their shortcomings and apologize. Several users on the Twitter platform expressed their disappointment on the blog, with one terming the report as‘sub-par click-bait journalism.’
Zhao said that such fake news could cripple the exchange’s business traffic, and it was important for the Block to clarify matters. Nonetheless, the blog claimed that CZ’s statements saying that Binance has no offices in Shanghai were false. The Blockclaimed to have sources that confirmed a few people were working in the capacity of Binance in the region. Additionally, the business reporters allegedly spoke to a vendor who confirmed CZ was an executive at Shanghai’s ‘offices.’
Investigations
The ‘Tai Chi’ Document
Late last year, Forbes brought to light ‘leaked information’ dubbed the Tai Chi document, which showed how Binance allegedly plans to evade tax. Unfortunately, the reporters behind the news, Michael Del Castillo and Jason Brett, found themselves under siege after Binance threatened to sue Forbes.
The document stated that Binance planned to open a separate Entity, an exchange company, sending untaxed license fees back to the parent company. The company’s counsel, Charles Harder, explained that the document in question was a proposal given by a third-party institution. Further statements revealed Binance US as the company that was created as a blind spot to financial regulators. He added that the proposal was an idea Binance did not put into motion, and Forbes had reported a misunderstood angle.
Earlier this year, Binance decided todrop the defamation suit on Forbes after months of back and forth statements from the two parties. The decision to drop the charges by Binance is not clear as of now, but Forbes is standing their ground that the article was as accurate as they come. CZ gave his opinion on the matter, bluntly stating that the statement and the document are FUD. The CEO, famous for his Twitter involvement, shared a series of tweets disputing the claims.
Binance under Siege, Faces CFTC Probe
Binance recently found themselves subject to investigation by the US Commodity Futures Trading Commission (CFTC) after an alleged discovery of the company providing US citizens’ products against US regulations. The CFTC claimed that Binance offered exchange products to the US without registering, assuming an imperative law. However, the regulatory body termed the violation as ‘not misconduct,’ which may not lead to legal action.
Binance shed light on the matter, insisting the company takes regulatory incentives seriously. The company gave a statement later on saying,
We take a collaborative approach in working with regulators around the world, and we take our compliance obligations very seriously.
The exchange maintains it has developed several technologies to block US residents from accessing its website. Additionally, the company stated that it has ensured partner Binance US serves the region as an independent company. Nevertheless, CEO Zhao acknowledges that some have sneakily gone past the firewalls and traded using Binance resources.
Binance Faces a Series of Regulatory Problems
In the third quarter of the 2021 financial year, UK Financial watchdog FCA banned the Binance exchange from conducting regulated activity in the region. The FCA also warned investors from placing trust in crypto projects that promise high returns.
According to BBC, the FCA stated that Binance Markets Limited, an affiliate of the Binance group, has no permission to conduct a regulated activity in the UK.
Elsewhere, the Malaysian financial watchdogs stated that Binance was illegally operating a digital asset exchange in the country. As a result, the monetary authorities gave Binance some days to halt operations. Moreover, Binance announced it would stop futures and derivative trading services in Germany, Italy, and the Netherlands.
CEO Zhao agrees that his company needs to find ways to operate legally everywhere it has placed its operations.
Hacks
Binance Says ‘KYC Leak’ reports are false.
In August 2019, Binance refuted reports of one individual who claimed to hold Binance KYC data. The person asked 300 BTC to return the information after providing 10,000 photos displaying Binance KYC Data.
According to the company’s blog, the data displayed by the individual was inconsistent with that available on the exchange’s system. Nevertheless, Binance promised its users that its security team worked tirelessly to identify the extorting party and confirm legitimate details.
The company’s blog also stated that the KYC details displayed were from February 2018, when they had just acquired KYC services from a third-party vendor. The company offered 25 BTC to anyone who had any intelligence on the suspect. Additionally, Binance warned users to withdraw their coins if they come across people posing as Binance Support members but are mere impersonators.
The hacker created several Telegram groups to share the leaked KYC details, but the groups were all shut down. Nevertheless, Binance insisted that the information was not authentic as it lacked the typical company watermark that the exchange uses for data spread within its doors. Whether the leak occurred and financial authorities took care of it, or Binance’s statement on the matter was true is unknown to date.
Binance Hack Sees Firewall Hackers Make Away with $40 Million in BTC.
In 2019, Binance acknowledged that hackers stole about 7,000 bitcoins from the exchange. The methodology behind the ‘money heist’ was attributed as a high-end security breach. The company also revealed that the tech wizards stole 2FA codes from the firewall breach. Nevertheless, Binance could track down all the stolen assets, which surprisingly got found in one account.
The company gave a statement saying:
The hackers had the patience to wait and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time…..
The company’s security team halted all withdrawal processes after noticing the hacking incident but was unlucky to do it in time before the hackers withdrew the assets. The culprits made away with the bitcoins by phishing user details and Binance APIs. After posing as legitimate Binance workers and support team members, they hit the bull’s eye, encouraging users to share critical information about their accounts.
After acquiring user API keys, the hackers could access the accounts with similar commands to the account owners, including trading and withdrawal capabilities. Nonetheless, Binance agreed to fully reimburse the affected users after warning them that the hackers might still control hacked accounts.
SWOT Analysis
Binance’s prowess in the cryptocurrency sector is what enthusiasts saw before as undisputed. However, in recent times, the exchange has faced scrutiny from several financial watchdogs in different countries. As some would argue, the growing crypto market makes regulatory bodies cautious of how Binance runs its activities.
Although the global exchange faces issues, it has its strengths, future opportunities, and plans still in place. Here are some pointers to show where Binance has improved its skills.
Strengths
The Binance exchange enables its customers to trade various tokens, such as Ethereum and Bitcoin. These assets can be used to speculate on the future price of these assets. Aside from that, the platform takes several services seriously that include:
Speed (4.5/5)
The speed at which transactions occur on Binance is simply worth looking at. It can handle over 1.4 million orders in a second. Withdrawal of cash takes approximately 5 minutes, and if matters don’t go well, the platform may address the issue within 24 hours.
Binance unveiled a new product this year, dubbed theBinance convert. The service takes care of merchants who want to convert their current digital assets to another digital asset in seconds. The service caused a spike in the number of users accessing the exchange’s service. The numbers grew about 144% from January to February.
Security (4.0/5)
Due to its focus on security, Binance is one of the most prominent digital currencies exchanges in the global market. It also accepts various digital currencies, such as bitcoin, ethereum, Litecoin, Dash, Ripple, NEO, GAS, Bitcoin cash, Ethereum classic, among many others.
The KYC service in Binance is outstanding and is faster than many crypto service providers. Binance itself advises traders to consider taking up KYC to protect their investments seriously. Moreover, verifying an account on Binance ensures one has full access to all of Binance’s trading options, both basic and advanced.
Scalability and Low Fees (4.3/5)
The exchange’s blockchain network, the Binance Smart Chain, has encouraged many crypto enthusiasts to dive into the Binance ecosystem. Moreover, since the exchange allows merchants to pay trading fees with BNB, transactions within the Binance exchange are somewhat smooth.
Moreover, BSC continues to attract more and more crypto projects to join hands with the Binance exchange. With BSC, merchants can often transact without worrying if the network will break down or charge high fees.
Weaknesses
From users flocking the FTC’s mail with complaints to a battalion of angry customers joining forces to shame the exchange, Binance has had its fair share of scrutiny. The trading platform faces a plethora of complaints every day, especially from social media platforms. Case and point, one user in the Quora forum advised people against using its affiliate,Binance.us. The user gave the following reason,
They are severely understaffed and holding crypto hostage for many months for many Americans. I still have over $20k locked up there with over 10 open tickets, mostly unanswered tickets. Some claim to have over $200,000.00 stuck…..
Customer Service (2.0/5)
A lot of customers continue to channel their anger towards Binance’s alleged lousy customer service. Despite users admitting how massive the exchange is, many are entirely unsatisfied with the delayed responses to their issues. While some have complained about their funds being stuck in interest pools, others rage over having no power to withdraw their funds.
A big part of the complaints lies on lost funds. To clarify, users get upset when the right amount of funds they owned initially does not reflect when they try to confirm their balances. Some forums have dedicated their time to investigate what happens in such cases.
Furthermore, Quora had one usercalling uponvictims of the cases to report what happened to financial regulators like the Financial Conduct Authority.
Regulatory FUD (3.0/5)
Due to the emergence of crypto as a haven, many regulators have started looking into the potential risks. However, Binance has been on the roughest edge with financial watchdogs in the financial year 2021.
For big crypto enthusiasts, 29 May 2021 is a day to remember. Binance allegedly misreported liquidations of users’ assets on the mentioned date, which some believe totaled about $10B. The events of the day ended in the FCA banning Binance’s regulated activity in the country.
The exchange’s scrutiny from the FCA has encouraged several watchdogs to raise the alarm on it. Countries like Singapore, Netherlands, Japan, the US, Hong Kong, and Germany.
Transparency (2.5/5)
As an investor, the fact that Binance started its operations in 2017 is a viable reason to think twice before placing your funds in the platform’s hands. The trading platform is among the shortest-serving exchange pioneers in the current financial scene. Despite its low trading fee charges, crypto die-hards do not entirely trust the exchange as much as the likes of Coinbase.
There have been many instances where exchanges have skidded away with customer funds. Although Binance hasn’t done that, it’s better safe than sorry for many investors. But, unfortunately, the exchange does not come with FDIC insurance. Consequently, there’s a huge possibility of losing cash in unexplainable ways.
Opportunities
Binance Smart Chain
The Binance Smart Chain (BSC) is currently one of themost lucrative inventions in the crypto space. The network carries several qualities, with its native token being the Binance Coin (BNB). Whether it’s Decentralized Finance-based projects or applications, BSC has proven to investors how useful it can become in the long run.
The BSC network has an interoperability feature, meaning one can transfer their tokens from one blockchain network to another swiftly. The network is also cost-effective as it charges fees from as low as $0.1. Compared to Ethereum’s high gas fees, many investors would opt to go for the BSC platform.
Moreover, the network eases blockchain technology’s most pinching problem, scalability. It can allow several transactions to occur within its ecosystem with lightning speeds.
Aside from the above, BSC’s Dapps come in handy for DeFi projects wishing to expose their services to users worldwide. These Dapps include Decentralized exchanges like PancakeSwap and BakerySwap.
The Binance Coin (BNB)
The Binance Coin (BNB) is the exchange’s native token covering trading fees within the blockchain network. The coin currently has a total market supply of 168.13 Million, with all of those in circulation.
Binance says BNB goes beyond its network and stands as one of the best utility tokens in 2021. For instance, some applications allow their clients to split bills and pay using BNB. Other use cases of BNB include;
Entertainment fees – BNB allows merchants to sort out their entertainment needs, whether gambling, shopping, or buying presents for loved ones.
Crypto Loans – The Binance platform enables traders to pick up crypto loans while offering their BNB as collateral
Incubating crypto projects- The Binance exchange plans to set more upcoming crypto projects under its incubation program. The projects may use the BNB token to bolster their products and service provisions.
Trading
Furthermore, Binance is open to ideas from anyone on utilizing BNB beyond its current use cases and ecosystem.
Threats
Despite Binance being an option for investors worldwide, it faces a challenging task measuring up to big-time exchanges like Coinbase, Kraken, Huobi, and Bittrex. With the problems that Binance faces, other exchanges seem to offer solutions. Here are some of the biggest headaches to the Binance exchange:
Transparency
Binance rose in the year 2017. As such, crypto investors who started crypto-business as early as 2011 fear using the exchange’s services. Moreover, Binance is not entirely transparent for many financial entities because of its tender age in the cryptocurrency world.
The Coinbase trading platform is one of the oldest exchanges that have been around since the onset of bitcoin. Coinbase came to light in the financial scene in the year 2012. Therefore, early crypto enthusiasts value the exchange’s input since it has served them for almost a decade. In addition, it handles matters involving digital currencies, blockchain technology, and fiat currencies at large.
The exchange currently does not have a precise location for its headquarters but has offices in several areas within the US borders. It serves over 100+ countries, and its token COIN recently acquired a direct listing on NASDAQ. Although the direct listing sparked some regulatory fears, it boosted the confidence of many investors in the exchange.
Poor Customer Service
The ever-growing complaint tallies of Binance’s unsatisfied customers have taken their toll. Some users close their accounts permanently because of a lack of response from the platform’s support. However, some exchanges have found a way to make their clients smile for most of their experiences.
The Kraken exchange developed back in 2011 has very commendable support. The support’s praises extend to social media platforms like Reddit and Twitter, where users encourage one another to join Kraken.
Kraken got every investor’s attention in 2013 when it raised the alarm against inevitable redundancies in the Namecoin protocol. Since then, crypto merchants have respected the exchange’s name for putting them first before reaping profits. Kraken also assisted in the fund recovery process of the Mt Gox hack victims after the latter filed for bankruptcy.
It is safe to say that compared to Kraken, Binance customer support comes up short. Hence, some of the latter’s clients opt to move their funds to exchanges like Kraken.
Regulatory Issues
Binance is currently facing tough times as regulatory bodies continue to clamp down on its day-to-day activities. Consequently, some of its users move to other exchanges to ensure that they won’t lose money. One example of a well-regulated exchange is Huobi.
The Seychelles-based exchange came into the financial scene in 2013 when cryptocurrency was a foreign term to many.Huobi was founded in China and currently has offices in the US, Hong Kong, and Japan.
The Asian market still values Binance, but Huobi is the biggest threat to CZ’s trading platform. Some even claim Huobi is better than Binance since the former has been operating comfortably in China until late May. Moreover, OKCoin and Huobi moved most of their crypto-related activities due to the recent Chinese crypto mining crackdown.
Huobi legally operates in most Asian regions after acquiring licenses to trade in countries like Malaysia, Thailand, and Gibraltar. Compared to Binance, the exchange hasn’t faced many warnings from financial watchdogs in the US or Asian region.
Binance Roadmap
Changpeng Zhao has expressed his plans for the crypto exchange, saying that Binance plans to improve several aspects. These aspects include improving customer experience and making the Binance Smart Chain network work according to its users’ demands.
User Protection Initiative
The trading platform plans to enact a few incentives to curb its most significant issue: security. In August, Binanceannounced an expansion of its security measures and risk management programs. Besides the announcement, Binance plans to put up other moves in place that include;
Expanding Global KYC Requirements
Mandatory Account Verification
A Business-to-Business program for merchants to include a Buy-crypto option in their businesses
Recommendation of users to trade only with Verified Merchants
Regulatory Compliance
CEO Zhao admitted that his trading platform needs to follow regulatory guidelines to operate fluidly in an open letter. In the letter, the CEO states that Binance has appointed top regulatory advisors such as Rick McDonell and Josèe Nadeau, both formerly from FATF. The exchange has also revealed its plight to add more advisors to its support team.
Partnerships
Binance has partnered with various platforms, including Alchemy Pay, Banxa, Avalanche, and CipherTrace. For example, the exchange’s partnership with CipherTrace will enable it to protect its clients and certify regulatory procedures effectively.
Furthermore, Binance’s upcoming incubation program will see the exchange join forces with some of the most promising crypto projects. The program’slaunch will happen on 9 October in San Francisco, US. However, applications are viable for those projects who wish to join in until 14 September.
Coin Listings
Binance will list the following coins within the financial year 2021
WAXP
TRIBE
ALPACA
FARM
MINA
FLOW
GNO
MBOX
QUANT
QUICK
Also, investors can look forward to several airdrops for several projects by the exchange.
Binance Smart Chain Roadmap
At the start of 2021, the Binance exchange revealed very lucrative plans for its blockchain network, the Binance Smart Chain. One of those plans included improving how projects can better leverage the chain’s capabilities. Here are the four most essential functionalities the BSC team plans to expand and enhance;
Building up a better infrastructure and providing better services
BSC plans to improve its frame to support more projects leveraging its technology. One specific area where Binance emphasizes should enhance its ability to handle cross-chain transactions.
Securing and creating a reliable DeFi ecosystem
Decentralized Finance is an area that every blockchain platform takes quite a lot of interest in. BSC promises to adapt to the upcoming DeFi landscape as swiftly and efficiently as possible.
Bolster crypto adoption
Exploring crypto mass adoption is a plan for BSC and the Binance platform at large. BSC wants to get involved with all aspects of the current crypto world that includes gaming, gambling, art, and so much more
Getting more involved with Blockchain technology devs
CZ is open to listening to blockchain devs and wishes to improve the BSC ecosystem as much as possible.
BSC’s primary strategy is making the crypto world take up its true nature, decentralization. By eliminating VCs, BSC will work with upcoming projects to fully connect with the crypto-verse.
One BSC spokesperson gave the following remarks:
Our position is to match people. That is, we do not develop ourselves, but suitable guide projects to do it, and quickly verify the optimal model of growth through resources such as BSC, the acceleration fund, and Binance ecology and community.
The network also wants to include more of the following aspects in its dapps program;
Gaming
Algorithms
Cross-chain and Multi-chain connections
Community protocol tokens
DeFi institutions
Infrastructure Smart Contracts
Board Members
Changpeng Zhao (CZ)CEO/Co-Founder
Yi HeCMO/Co-Founder
Christy Hyungwon ChoiDirector, Binance Labs
Gleb KostarevRegional Director
Leigh TraversCEO Binance Australia
Teck ChiaPartner
User Reviews
Although Binance boasts of being the largest cryptocurrency exchange by volume, the company has received too many complaints over the years. The one trait that the exchange hasn’t been keen to shake off is the bad customer support service. The Binance exchange application has a 4.4-star rating on the Google Play store and a 4.7 on the Apple store.
Clients have raised issues concerning the long and disturbing verification processes, ranging from account registrations to fund transfer permissions. Below are some of the good, the bad, and the ugly reviews as seen on the Mobile App store:
Takeaways
The Binance exchange is a pioneer when it comes to cryptocurrency P2P, Margin, and Futures trading. Nevertheless, trading with the platforms above is not as easy as the company claims, but it is simpler than other market exchanges. Moreover, Binance CEO Zhao is a trendsetter in the cryptoverse as he strives to make cryptocurrency trading a norm in the current financial multiverse.
Binance has extended its arms to over 180 countries without access to the United States and plans to expand further by introducing the Binance Chain, BSC, and the BNB coin.
Aside from the highly criticized user support, the exchange does not seem to exercise solipsism towards its customers. That being said, the exchange needs to work tirelessly to mend the broken bridge, offer a responsive and effective system that will solve client problems, and satisfy most of their requests, which is a bit more realistic than Binance is ready to admit.
Merits
Binance is available in several countries and supports fiat currencies available on the global financial scene.
The interface of Binance.com is user-friendly and aims to make trading easy for novice traders.
The exchange has a vast number of trading options. Also, it offers no fewer than 180 cryptocurrency coins to trade.
It supports fiat exchanges, so Forex traders can also use it.
It allows for free deposits with low-trading fees.
It employs high-end security protocols.
It ensures 24/7 customer support service and is available in 7 different languages.
It provides an in-depth FAQ section covering almost every issue Binance users may experience.
Demerits
Sometimes, the security system experiences glitches.
Customer Support is not entirely reliable and not always responsive.
Beginners in crypto-trading might find Binance complex.
It has a lengthy verification process for registration.
All Crypto Adventure content is not investment advice. It is intended for informational purposes only. DO NOT miss construe any such information or other material as legal, tax, investment, financial, or other advice.
DO YOUR OWN RESEARCH
Crypto Adventure encourages all of its readers to conduct a thorough analysis of all projects. It is essential to do your own analysis before making any investment based on your circumstances. If possible, consulting a financial professional is also recommended prior to making any investment decisions.
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