Binance - CryptoWiki

Binance is a cryptocurrency exchange based in Hong Kong, China under the name Binance International. The Binance exchange has earned a reputation for low trading fees (0.1 percent in some cases) and fast, large volume trades with an approximate 1.4 million orders dealt with a second. The name of the exchange is derived from 'Bitcoin' and 'finance' to produce Binance. Despite leveraging the Bitcoin name for its rapid popularization of cryptocurrency, the Binance exchange trades in multiple cryptocurrencies with the exchange making regular announcements of new currencies being added or any de-listed.

History

Binance was founded in Shanghai, China but due to the Chinese government's central banking authority - the People's Bank of China - issuing a ban on initial coin offerings (ICOs) as of September 2017[1], Binance "stopped servicing users in China" as of September 6th, 2017[2]. Binance continues to operate under the name Binance International where they will "continue to service international users unchanged" despite China's domestic ICO ban.

Binance currently operates a very large number of trading pairs (over 230) of cryptocurrencies where one cryptocurrency can be traded directly for another without traditional digital currency (fiat) as an intermediary. Examples include Bitcoin paired with Litecoin and Etherium paired With Bitcoin etc., which would be represented as BTC/LTC and ETH/BTC. Among the highest volumes of trade are TRX/BTC, NEO/BNB and TRX/ETH pairings.

OKCoin's co-founder Yi He joined Binance in August 2017[3]. She is a renowned 'evangelist' of cryptocurrency and is a high profile, influential and well respected individual within the Chinese Internet industry, and was credited with overseeing OKCoin's jump in Chinese market share by as much as 60 percent by 2015.

Binance announced the beta launched of the Binance Info Platform (info.binance.com) on February 1, 2017[4] which is designed to provide users and visitors to the Binance Exchange website with "coin/token information, including basic info, up-to-date news, real-time price movements, social media and community info." Content on the Binance Info Platform can be uploaded by Binance users for a small fee, chargeable only in BNB, although the beta period will waive the fee in order to help build up the database initially.

Binance suspended new account registration January 4, 2018 with a blog post announcing they will "temporarily disable new user registrations to allow for an infrastructure upgrade."[5] In a follow-up blog post on January 8, 2018 they announced "limited user registrations" were being permitted each day, and that "open times will vary from day to day, without prior announcement."[6] They also warned against the buying and selling of Binance Exchange accounts and they they would "freeze and disable all Binance accounts" flagged.

Team

Binance Coin (BNB)

Binance operates its own cryptocurrency known as Binance Coin (BNB). The Binance exchange completed the 'burn' of 1,821,586 BNB by January 2018 in accordance with their whitepaper.[7]

Social media and official apps

Official Binance apps[8] are available for mobile platforms (iOS/Android) as well as on Windows PC allowing for up-to-date information on exchange activity and to offer Binance users "trading on the go".

Binance operates an official verified Twitter account (@binance_2017) with regular updates from Binance's management regarding social events, competitions, interviews, and announcing routine operations by the exchange such as the 'burn' of coins or newly listed trading pairs of cryptocurrencies. The official Binance Twitter account posted as of February 11, 2018[9] that fake accounts were "impersonating official Binance accounts and tweeting to ask for deposits to specific addresses in return for gifts." They advised that Binance "will never ask you to send coins directly to any address for any reason."

There is an official Reddit page for the Binance Exchange, which moved from /r/Binance to /r/BinanceExchange.[10]

Binance has a presence on Telegram with a specific account for the exchange, announcements and multiple languages such as for Russian and Chinese users.

Account security

The Binance exchange operates 2FA (2 Factor Authentication) to help safeguard against unauthorized access to Binance accounts. They offer SMS-based authentication (for supported countries[11]) and Google Authentication through Google's official app. Disabling SMS authentication or resetting Google Authentication will lead to an account being kept in a limited state where trading is suspended until the user can prove their identity through photo confirmation involving the user's Passport, the user, and a specific message.

External links

References