Binance is a popular crypto exchange that in 2017, while fairly new on the market, has managed to gain popularity. Their platform offers basic and advanced options for trading. The more advanced option offers more in depth technical analysis of digital currency value over time. The exchange also holds contests with prize giveaways.
In response to the China ban they moved IP’s to an offshore location (BVI) & multiple locations.
exchange trading, ICO listings, mobile app
Level 1 verification gets you a 2 BTC daily withdrawal limit, and level 2 you are allowed up to 100 BTC per day. There are also higher limits available if you contact them directly.
Binance charges an average fee of .1% on each trade. If you pay with BNB token, you’ll get a 50% discount on trading fees. Withdrawal fees vary for each currency. Binance has at numerous times, faced Backlash from its users for its too high fees.
It’s been a roller coaster ride for Binance. It launched in July 2017 and quickly became one of the leading cryptocurrency exchanges.
When it launched, it had less than 30 trading pairs and exchanges volume averaged less than $100 million per day. Today, Binance oﬀers 300 trading pairs and does volume of over $1 billion daily.
And Binance boasts 7.9 million users—more people than the population of Hong Kong.
But with the increase in users comes risks. And in March, we saw a large-scale phishing and theft attempt on the Binance exchange.
The theft attempt highlights one of risks of centralized exchanges— namely, that your funds could be stolen.
Thankfully, Binance has a strong risk-management system. As soon as the system triggered, all withdrawals were halted immediately.
On March 7, 2018, articles came out claiming Binance was hacked. Those articles were inaccurate, as the Binance platform was never compromised.
What occured was a large-scale phishing attempt. The hacker(s) used phishing techniques (fake Binance addresses) to accumulate account credentials. They then used those accounts to pump another coin, and sold into that pump with accounts they had already created and deposited funds into.
Binance’s risk management system kicked into action during the pump attempt, which automatically disabled withdrawals. Not only did the hacker(s) not steal any coins, but their own coins were frozen and will be donated to charity.
Binance was able to identify and freeze the funds of the hacker(s). No Binance users lost any funds. And all funds from the hacker(s) will be donated to charity.
Further, Binance instituted a $250,000 bounty for any information that leads to the arrest of the hacker(s).
Recently, regulators cracked down on exchanges in Japan, Hong Kong, and the U.S. In response, Binance announced it would open an oﬃce in Malta.
Malta, a tiny European island south of Italy, is looking to become a global leader in blockchain. Per Malta Prime Minister Joseph Muscat, “We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world-class fintech companies.”
Binance CEO Changpeng Zhao, said “We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
In addition to having a more supportive regulatory environment, moving to Malta will also enable fiat-to-crypto exchange. Binance is working to secure deals with local banks to provide access to fiat deposits and withdrawals.
In response to the regulatory crackdowns and theft attempts, Binance announced the development of Binance Chain in March.
This is the planned Binance decentralized trading platform. With a decentralized exchange, orders and information are routed peer-to-peer, and individuals hold funds. It eliminated the risk of a central party holding all the funds.
Binance continues to be a great picks-and-shovels play for the cryptocurrency market.
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