Difference between revisions of "Binance"

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{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
| company_name = Binance  
| company_name = Binance  

Revision as of 17:49, 5 July 2018

Founded 2017
Headquarters Malta
Key People Changpeng Zhao
Employees 300
Products Cryptocurrency exchange
Twitter @Binance
LinkedIn Profile
Facebook @binanceexchange
Website https://www.binance.com/
Releases Company News

Binance Exchange ("Binance") is a crypto-to-crypto exchange launched in July 2017.[1]


Binance's operations were launched with the issuance of 200 million Binance Coin in July 2017, which raised about $15 million. Binance Coin is a utility token which can be used to pay trading fees for transactions on Binance. The coin provides users a 50% discount on fees over using any other crypto currency.[2]

With a reputation for reliable technology as well as low trading fees,[3] Binance is frequently identified as the largest cryptocurrency exchange in the world.[4] Binance has also been criticized for having few user verification and know-your-customer controls. [5] Avoiding increasing local scrutiny, Binance has had a series of domiciles, starting with China and followed by Japan and then Taiwan. In February 2018, Binance announced that it would establish a fiat-to-cryptocurrency exchange to be headquartered in Malta, giving it a principal address in the European Union. [6]

Binance's reputation was threatened by an apparently unsuccessful hacking attempt to obtain customer funds held on the exchange on March 7, 2018.[7] Binance acknowledged the attempt and, in an incident report the next day, stated that all funds were safe.[8] On March 12, 2017 it announced that it was offering a crypto equivalent of $250,000 bounty for the arrest of any person involved in the "large-scale, organized effort."[9]