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Binance is a centralized cryptocurrency exchange without a headquarters. Different from the traditional model, Binance adopts a distributed office, with employees scattered around the world.
Binance was launched during an initial coin offering in 2017. According to the relevant statistics of Binance, it quickly gained the trust of investors in the market. In January 2018, it became the largest cryptocurrency exchange in terms of trading volumn, with a market capitalization of $1.3 billion. As for year 2020, the average daily trading volume of Binance Exchange raised to $3.88 billion. Binance has move from strength to strength, serving as a bridge between fiat and crypto, between centralized and decentralized finance, and between the past and the future.
Who is the Founder and CEO of Binance?
Binance founder and CEO Changpeng Zhao, commonly known as "CZ", is a former developer of high-frequency trading software.
As the world's leading cryptocurrency exchange, Binance not only provides users with more than 500 cryptocurrencies for trade and a large selection of transaction types, but also spans the entire ecosystem.
Is Binance Blocking U.S. Customers?
In year 2019, Binance announced that it would no longer provide services to U.S. passport holders. In other words, U.S. customers are not permitted to trade on Binance.com. Instead, they are urged to trade on Binance.US.
Binance. US is an independent company of Binance that is available in 41 U.S. states excluding Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont and Washington. It Launched in September 2019 in San Francisco. The company's CEO is Catherine Coley, who worked as an investment banker at Morgan Stanley.
Compared to Binance, Binance.US offers fewer cryptocurrencies and charges higher fees. Binance has more than 500 cryptocurrencies available to global traders, while only 52 are available to U.S. investors.
0.02% to 0.10% purchase and trading fees
3% to 4.5% for debit card purchases
free Single Euro Payments Area (SEPA) transfer or $15 per U.S. wire transfer
Main Features of Binance
Trade via Mobile App
24/7 customer support
Supports several payment methods
Is Binance Trustworthy?
Binance is considered a secure cryptocurrency exchange with a robust system to ensure the security of customer accounts, including the use of 2FA verification, FDIC-insured USD balances, device management, address whitelisting, cold storage settings.
Besides, Binance adopted a Threshold Signature Scheme to ensure the security of user funds, which is a cryptographic protocol for distributed key generation and signing. It allows the construction of a signature distributed among different parties, and each user receives a share of the private signing key. For instance, if there are three users, at least two of them need to join for signing a transaction.
In addition to depositing funds on centralized cryptocurrency exchanges, users can also choose to transfer funds to reputable wallets. However, each method contains certain risks, users need to compare and choose the most appropriate one based on their own specific conditions.
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