Binance
Binance is a leading cryptocurrency exchange known for its user-friendly interface and extensive range of supported digital assets. Established in 2017, it offers a secure platform for buying, selling, and trading cryptocurrencies, attracting both novice and experienced users globally. With features like spot and futures trading, staking, and a launchpad for new tokens, Binance has become a key player in the dynamic world of digital finance.
About Binance
What is Binance?
Binance is the world’s largest crypto exchange by trading volume, with $76 billion daily trading volume on the Binance exchange as of August 2022 and 90 million customers worldwide. The platform has established itself as a trusted member of the crypto space, where users can buy, sell, and store their digital assets, as well as access over 350 cryptocurrencies listed and thousands of trading pairs. The Binance ecosystem now comprises Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, and more.
Who are the Binance founders?
The global company was co-founded in China by Changpeng Zhao and Yi He. A Chinese-Canadian developer and business executive, Changpeng Zhao, who goes by CZ, is the company’s CEO. He studied at McGill University in Montreal and had a successful track record as an entrepreneur. His past experiences include being Head of the Bloomberg Tradebook Futures Research & Development team, founder of Fusion Systems, and Head of Technology at Blockchain.com.
Yi He is the CMO at Binance and Head of Binance Labs, the company’s venture capital arm. Yi was previously Vice President at a leading mobile video tech company, Yixia Technology, and co-founder of the digital asset exchange OKCoin.
When did Binance launch?
Binance was launched in June 2017 and, within 180 days, grew into the largest cryptocurrency exchange in the world.
Binance-restricted countries
Under the Binance Terms of Use, restricted locations include the United States, Singapore, and Ontario (Canada). However, some countries have restricted usage or features that might be limited due to regulatory reasons, including but not limited to China, Malaysia, Japan, the UK, and Thailand. Futures and derivatives products are also not available in Germany, Italy, and the Netherlands. In September 2019, a separate dedicated platform for US clients, Binance.US, was launched.
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FAQs
How much are Binance fees?
Binance is known for its low fees and user-friendly platform. It operates on a tiered fee structure, ranging from regular users to VIP 9. For regular users, the standard spot trading fee is 0.10% for both maker and taker trades. Additionally, Binance has introduced zero-fee trading for specific pairs, such as BTC spot trading pairs (since July 2022) and the ETH/BUSD pair (since August 2022).
Is leverage or margin trading available on Binance?
Yes, Binance offers margin trading through its Binance Margin platform, allowing users to borrow funds and trade with up to 10x leverage. For more advanced trading, Binance also provides derivatives products, including Binance Futures (settled in USDT, BUSD, or other crypto) and Binance Options, enabling traders to further leverage their positions.
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