Hey guys :) It’s been a while since the last time I posted about MakerDAO, DAI & SAI, however, the following piece - on Binance and BNB took much longer than I expected to put together so I hope you enjoy it!
The list of Q&A is pretty long so first comes the list of questions that I have prepared the answers to:
- What is Binance?
- What is Binance’s token BNB used for?
- What is Binance Chain?
- What is Binance US?
- What is Binance Jersey?
- What is Binance Uganda?
- What is Binance DEX?
- What is Binance ICO Launch Pad?
- What is Binance Lending?
- What is Binance Staking?
- What is Binance Vision?
- What is Binance Charity?
- What is Binance Labs?
- What is Binance’s Trust Wallet?
- Who and when created Binance?
- What is Binance worth?
- Where is Binance located?
- Can you leverage trade on Binance?
- How safe is Binance?
- How to trade on Binance?
- How to add funds to Binance?
- How to withdraw from Binance?
- Can you deposit FIAT to Binance?
- Can Binance Withdraw to Bank account?
- What are Binance Fees?
- Why Binance Burns BNB Coins?
- How do you verify on Binance?
- How long does it take for Binance verification?
- Can I withdraw from Binance without verification?
- Does Binance have an app?
- What are some notable Binance partnerships?
1. What is Binance?
Binance is one of the largest and most popular cryptocurrency exchanges in the world that offers traders across the globe the opportunity to buy, sell, and trade more than 170 cryptocurrencies.
As a world leading cryptocurrency exchange, Binance is capable of processing an average of 1,400,000+ transactions per second and does an average of $1.2 billion in daily trading volume.
Contributing to this world-leading cryptocurrency liquidity, the Binance cryptocurrency exchange features support for:
5 different crypto markets:
- Bitcoin (BTC)
- Binance Coin (BNB)
- Ethereum (ETH)
- Tron (TRX)
- Ripple (XRP)
6 different stablecoins:
- Tether (USDT)
- Binance USD (BUSD)
- Paxos Standard (PAX)
- True USD (TUSD)
- USD Coin (USDC)
- StableUSD (USDS)
8 different fiat currencies:
- US Dollar (USD)
- Euro (EUR)
- Russian Ruble (RUB)
- Turkish Lira (TRY)
- Nigerian Naira (NGN)
- Ukrainian Hryvnia (UAH)
- Kazakhstani Tenge (KZT)
- Indian Rupee (INR)
All of the above listed markets, stablecoins, and fiat currencies as well as the 170+ cryptocurrencies supported by Binance can be traded on the exchange’s intuitively designed and robust web-based trading platform.
The Binance trading platform features both a basic and an advanced trading interface which adheres to the needs of all experience-levels of traders.
The basic version looks like:
Binance.com Basic Trading Panel
As you can see, it’s nicely designed and well laid out with all of the information you need right in front of you.
In the center of the page it offers traders the option between two basic price charts, Binance Original charts or charts from TradingView:
Users can choose between Original price chart and the one provided by TradingView
Below the price charts are the Buy and Sell boxes along with order types and the ability to switch between trading spot, margin, or futures markets.
To the left you’ll see the latest executed Buy and Sell orders and to the right you’ll see the recent trade history and other available markets.
As for the advanced version, it looks like this:
Binance.com Advanced Trading Panel in dark mode (default state)
As you can see, this view uses a dark theme by default and features an expandable trading chart that supports advanced charting features such as multiple time frames, technical indicators, and chart types.
Overall, Binance is a leading cryptocurrency exchange providing its traders with a fast, secure, and intuitive online trading platform for trading a wide array of cryptocurrencies.
2. What is Binance’s BNB token used for?
Binance Coin BNB
The various use cases for BNB include:
- Pay for Transaction fees on the Binance Exchange
- Fuel Transactions on Binance Chain
- Make In-Store and Online Payments
- Trade 100+ Cryptocurrencies
- Exclusive Access to Binance Launchpad
Binance’s native cryptocurrency token – Binance Coin (BNB) – is the native coin of Binance Chain and it’s used throughout the entire Binance ecosystem.
Pay for Transaction fees on the Binance Exchange
BNB can be used to pay for trading fees on the Binance cryptocurrency exchange. If a user holds BNB and uses BNB to pay for trading fees, they currently receive a discount of 25%.
However, in the year 2021, traders may no longer receive discounts for paying trading fees with BNB as this promotion is promised to be honored for only 5 years. However, chances are Binance will continue to offer discounts for using BNB to pay for trading fees because they are already offering bigger discounts than they initially said they would.
When Binance first launched, traders benefited from a 50% discount when paying for trading fees with BNB and every year since, the discount was supposed to be cut in half. However, we are now (2020) in the 3rd year and traders are still receiving a discount of 25% when it should only be 12.5%.
Fuel Transactions on Binance Chain
BNB is the native cryptocurrency of Binance Chain and is therefore used as fuel for transactions on Binance Chain and on the Binance Decentralized Exchange (DEX).
Make In-Store and Online Payments
Not only is BNB a utility token used within Binance’s products and services, but it’s also accepted and used as a currency outside of the Binance ecosystem.
BNB is supported as a payment method at more than 30 different companies and is partnered with 14 different crypto payment processors so that it can be used in-store and online.
Trade 100+ Cryptocurrencies
Similarly to Bitcoin (BTC) or Ethereum (ETH), Binance Coin (BNB) is used as a popular crypto trading pair. BNB can be used to trade over one hundred different cryptocurrencies on the Binance exchange and the Binance DEX.
Exclusive Access to Binance Launchpad
Binance has an Initial Exchange Offering (IEO) platform called the “Binance Launchpad” where participants gain exclusive access to purchase new cryptocurrencies.
All cryptos launched via Binance Launchpad must be purchased with BNB and more than 10 IEOs have already been launched raising millions of dollars worth of BNB.
3. What is Binance Chain?
Binance Chain is a low latency, high throughput blockchain-powered platform that serves as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner.
Binance Chain differs from many new blockchain platforms as it does not support smart contract functionality or the development of decentralized applications (dapps).
Instead, the primary purpose of Binance Chain is to be an efficient blockchain platform for the issuing and trading of digital tokens. However, the platform’s functionality may be upgraded in the future to support other features as well.
The Binance Chain project was initiated by Binance and developed by a global community of blockchain enthusiasts and Binance supporters.
Binance Chain’s mainnet launched on April 13, 2019 and Binance’s BNB tokens were swapped from ERC-20 tokens on the Ethereum Network to native BNB tokens on the Binance Chain Network on April 23, 2019.
The first use case for Binance Chain is the Binance DEX – an innovative decentralized exchange that aims to carry over the best features of the centralized Binance exchange to a decentralized setting.
Some key attributes of Binance Chain include:
- Non Custodial: traders maintain control of their private keys and funds.
- High Performance: low latency and high throughput for a large user base, and high liquidity trading. Binance Chain can achieve 1 second block times with 1 confirmation finality.
- Low Cost: in both fees and liquidity cost.
- User-Friendly Experience: intuitively designed to provide the same easy-user experience as at Binance.com.
- Fair Trading: minimize front-running, to the extent possible.
- Upgradable: new improvements and upgrades can be easily integrated into Binance Chain to provide a forever-improving technology stack and architecture.
4. What is Binance US?
Binance US Homepage
Binance.US is the US branch of the popular Binance cryptocurrency exchange. It was created and launched by Binance in September 2019 and is operated by BAM Trading Services based in San Francisco, California.
The CEO of Binance US is Catherine Coley who prior to Binance, worked in foreign exchange (FX) sales and trading at Morgan Stanley, was an FX advisor at Silicon Valley Bank, and was the head of XRP institutional liquidity.
Coley has a ton of experience working in traditional financial markets and brings her years of experience and expertise to Binance.US.
Binance.US was created in adherence to the laws and regulations across multiple jurisdictions in the United States. The exchange is only available to users in the United States and requires users to verify their accounts and provide know your customer (KYC) information.
While Binance US is a US-based exchange, users in the following 13 states are restricted from using the platform:
- New York
- North Carolina
While the US States above currently have restrictions against allowing users to trade on Binance.US, in the future their laws and regulations could change to allow trading on the platform.
Binance.US Supported Cryptocurrencies & Trading Pairs
Due to stricter regulatory requirements, Binance.US supports trading for far less cryptocurrencies in comparison with the global Binance exchange.
Currently, Binance.US supports trading for 27 different cryptocurrencies and is continuously adding support for more.
As for tradeable markets, Binance.US offers crypto trading across 4 markets including:
- Bitcoin (BTC): 5 trading pairs
- US Dollar (USD): 26 trading pairs
- Tether (USDT): 16 trading pairs
- Binance USD (BUSD): 1 trading pair
As for the trading platform, Binance.US offers its users the same web-based trading platform and mobile application as the global Binance exchange.
Therefore, the only differences between Binance.US and the global Binance exchange are the number of supported cryptocurrencies, tradable markets, market pairs, and its exclusiveness to the United States.
5. What is Binance Jersey?
Binance Jersey Homepage
Binance Jersey is a subsidiary of Binance.com that extends the exchange’s crypto trading operations into Europe allowing traders to buy and sell cryptocurrencies with British Pounds (GBP) and Euros (EUR).
The exchange was launched in January 2019 and became the first fiat-to-cryptocurrency exchange to operate in Jersey under the auspices of the Jersey Financial Services Commission (JFSC).
By operating under the JFSC, Binance Jersey is supported across 57 jurisdictions in Europe and the rest of the world, including the United Kingdom (UK), United Arab Emirates (UAE), Canada, Australia, Mexico, South Africa, and many more.
The Binance Jersey exchange platform is built on the same technology developed by Binance and thus provides traders with a fast, secure, and reliable trading platform capable of processing 1.4 million transactions per second.
Additionally, the exchange features 24/7 world/class live support and the same intuitive, simple, and easy-to-use trading platform Binance traders know and love.
However, unlike the global Binance.com exchange, users of Binance Jersey are required to undergo account verification and submit know your customer (KYC) information. The reasoning behind this is because Binance.com is fully crypto-to-crypto but Binance Jersey involves fiat currency and therefore KYC is required.
Binance Jersey Supported Cryptocurrencies & Trading Pairs:
Unlike the global Binance.com exchange which supports trading of 170+ cryptocurrencies, Binance Jersey offers its users just 4 different cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Binance Coin (BNB)
As for the supported trading pairs, Binance Jersey only supports the above listed cryptos paired against the Great British Pound (GBP) or Euro (EUR).
6. What is Binance Uganda?
Binance Uganda Homepage
Binance Uganda is the most powerful fiat-to-crypto trading platform in Africa allowing its users to trade Ugandan Shillings (UGX) with Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies.
The Binance Uganda exchange was officially launched in June 2018 and is now known as the safest, most stable, and most effective way to buy and sell cryptocurrencies with Ugandan Shillings (UGX).
The cryptocurrencies supported on Binance Uganda include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Paxos Standard (PAX)
The Binance Uganda cryptocurrency exchange is built with the same technology used by the global Binance.com exchange and thus features industry leading security, an intuitive and easy-to-use interface, and world-class customer support with 24/7 availability.
Users of Binance Uganda must undergo account verification procedures and submit applicable know your customer (KYC) information to sign up for the platform. All users are subject to the standard Binance trading fee of 0.10% as well as applicable deposit and withdrawal fees.
Overall, Binance Uganda is a safe, simple, and secure way to buy and sell Bitcoin and other cryptocurrencies with Ugandan Shillings in Africa.
Moreover, the Binance Uganda exchange has been a booming success. Within its first week of launching, Binance Uganda signed up 40,000 users and continues to grow to this day.
Binance CEO Meets with President of Uganda Mr. Yoweri Museveni in April 25, 2018 source
Binance’s success in Uganda may be largely due to the fact that three out of four people in Uganda do not have a bank account and Bitcoin and cryptocurrencies are a way to serve the unbanked.
7. What is Binance DEX?
Binance DEX is an extension of the main Binance.com cryptocurrency exchange that provides traders with a decentralized non-custodial cryptocurrency exchange.
The Binance DEX was launched with the release of its testnet on February 20, 2019 and is built a top of Binance Chain technology. Essentially, the Binance DEX acts as a decentralized order-matching engine that’s plugged into Binance Chain and is the first use case for Binance Chain.
With the Binance DEX, all transactions are peer-to-peer and recorded on chain which maintains an auditable ledger of activity and allows users to exchange digital assets issued and listed on the DEX.
Binance DEX supports trading across 4 crypto markets including:
- BNB Markets: 10 Trading pairs
- BTC Markets: 4 Trading pairs
- ETH Markets: 1 Trading pair
- Stablecoin Markets: 10 Trading pairs
Binance DEX supports a wide array of crypto wallets including mobile, desktop, online, and hardware wallets. It also features a user-friendly trading interface that’s familiar to Binance users.
Binance DEX Trading Panel
Binance DEX is a non-custodial platform so its users always maintain control of their funds and private keys. Also, all transactions are completed peer-to-peer over the Binance Chain blockchain meaning users have virtually zero exposure to security threats.
Since Binance DEX is built a top of Binance Chain, transactions are very fast with 1 second block times and near-instant transaction finality. Users don’t have to wait for confirmation like on many other DEXs and can therefore seamlessly trade instantaneously.
Binance DEX utilizes a web-based trading platform that is similar to the standard Binance.com platform. The user interface is extremely user friendly and familiar to Binance traders.
It incorporates charts by TradingView along with a full range of technical indicators, a simple order window, a markets window, trading history, bids and asks prices, and more.
Binance Dex is the #1 decentralized exchange on CoinMarketCap by volume, features more than 340,000 active wallets, and supports 120+ trading pairs. The exchange also offers competitive trading fees of just 0.04% when you use BNB to pay the fees.
8. What is Binance Launchpad?
Binance Launchpad Homepage
Binance Launchpad is a platform in which new cryptocurrencies and transformative projects are launched.
It’s a platform that presents new cryptocurrency projects to Binance’s 10 million+ user base and crypto investors around the world. As well, it enables them to raise funds and distribute cryptocurrency tokens through token sales.
Essentially, Binance Launchpad is a modern initial coin offering (ICO). The only difference is that crypto projects on Binance Launchpad are vetted by Binance and must meet rigorous requirements to use the Launchpad.
Also, this process of launching and selling tokens is now called an initial exchange offering (IEO) rather than an ICO.
All of the requirements to get listed on Binance Launchpad are not entirely known, but some of the factors Binance considers to be most important include:
- Maturity of the project development
- Readiness for large-scale adoption
- A strong and committed team
- Potential to benefit the growth and development of the wider crypto ecosystem
Since Binance Launchpad’s launch in January 2019, the platform has held 13 successful IEOs raising tens of millions of dollars.
The cryptocurrency projects launched via the Binance Launchpad platform include:
- Gifto (GTO)
- Bread (BRD)
- BitTorrent (BTT)
- Fetch.AI (FET)
- Celer Network (CELR)
- Matic Network (MATIC)
- Harmony (ONE)
- Elrond (ERD)
- Wink (WIN)
- Perlin (PERL)
- Band Protocol (BAND)
- Kava (KAVA)
- Troy (TROY)
How to participate in Binance Launchpad airdrops & IEOs:
If you are a Binance user and have a verified Binance account, this is the process for receiving Binance Launchpad airdrops and participating in Binance Launchpad token sales.
- Checkout the Binance Launchpad website for upcoming airdrops and IEOs.
- Store at least 100 BNB to receive 1 lottery tickets and participate in the Binance lottery to gain access to the IEO. BNB holders can receive a maximum of 5 lottery tickets, depending on their balance.
- If you’re selected in the lottery, you can participate in the IEO by using BNB as payment.
9. What is Binance Lending?
Binance Lending Page
Binance Lending is a simple way to earn interest on your dormant cryptocurrency that’s just sitting on the Binance exchange. It’s a value-added service available to Binance users who hold idle digital assets.
If a user has some tokens or coins on Binance that are just sitting there, they can put those coins to work and earn some interest by simply offering them for use in Binance‘s lending platform.
How does it work?
- Subscribe: If you hold idle digital assets on Binance, you can choose from a wide suite of crypto lending options to subscribe to.
- Hold: Once subscribed, simply hold your funds in the Binance Lending product you are subscribed to and grow your wealth.
- Get Earnings: As a Binance Lending subscriber, you can choose Flexible Deposits or Fixed Deposits. Flexible Deposits distribute your earnings every day and Fixed Deposits distribute your earnings on the redemption date.
This type of subscription is like a crypto savings account. Users simply subscribe their crypto to earn interest and have the flexibility to withdraw their holdings at any time.
Estimated annual yields are as follows:
- Tether (USDT): 2.29%
- Binance USD (BUSD): 1.30%
- Binance Coin (BNB): 0.54%
- Bitcoin (BTC): 0.27%
- + More products available
This type of subscription is for users committed to holding their crypto. When a user’s funds are subscribed to Fixed Deposits, the funds are locked into fixed lending periods for higher interest earnings.
Estimated annual yields are as follows:
- Tether (USDT) 30 Days: 6.00%
- Binance USD (BUSD) 14 Days: 10.00%
- Binance Coin (BNB) 14 Days: 6.00%
- Bitcoin (BTC) 14 Days: 3.00%
- + More products available here
10. What is Binance Staking?
Binance Staking Page
Like Binance Lending, Binance Staking is yet another value-added service that’s been introduced to users of the popular Binance exchange platform.
With Binance Staking, users can earn rewards for simply holding (staking) eligible cryptocurrency funds in a cryptocurrency wallet in their Binance account that supports the operations of a supported chains blockchain network.
Staking coins on Binance is made simple and easy as users are rewarded for simply depositing and holding coins on Binance as they normally would.
Why Stake with Binance?
There are a number of reasons to participate in Binance Staking:
- Convenience: If you’re already a Binance user, staking cryptocurrency already held on the exchange is an easy and convenient way to support the crypto’s security, operations, and governance of the coin’s underlying blockchain network.
- Earn Rewards: Binance Staking distributes rewards on a monthly basis and calculates them based on a user’s pro-rata share of total balances held by Binance Staking users in the given month.
- Low Barriers to Entry: Users can earn staking rewards without having to set up nodes, meet minimum staking amounts, time lengths, and more. All user’s must do is keep a balance in their Binance account and earn.
- Additional Bonuses: Binance supports promotional rewards in conjunction with various crypto projects to incentivize users to Stake on Binance.
- Stake & Trade: Binance Staking allows users to transact, trade, participate, and utilize their tokens on the Binance exchange as they normally would. Staking rewards are simply based on daily balance snapshots.
11. What is Binance Vision?
Binance Vision aka. Binance Academy
Binance Vision, commonly known as Binance Academy is the education arm of Binance. It’s a nonprofit blockchain education portal that offers quality, easy-to-understand educational content on cryptocurrencies and blockchain technology in 17 different languages.
On Binance.Vision, anyone who visits the site gains access to hundreds of articles, videos, lessons, tutorials, a crypto/blockchain glossary, quizzes to test your cryptocurrency knowledge, economics, and more, all for free.
Binance Academy sub-categories
Binance Vision makes learning about blockchain and cryptocurrency easy and helps beginners and more advanced users understand how this new and innovative technology works.
The ultimate goal of Binance Vision is to increase overall blockchain literacy and cryptocurrency education to help raise awareness & adoption.
And Binance Vision is well on its way to achieving this goal.
Since Binance Vision’s launch in August 2018, the Academy has seen an explosion of growth in educational content and user traffic.
In 2019 alone, Binance Academy users spent a total of 6,450,000 minutes (almost 13 years!) reading blockchain and cryptocurrency articles. Additionally, Binance Academy YouTube videos reached 12,515 hours (521 days) of playback.
In total, Binance Academy added 25 videos, 95 articles, and 120 glossary terms in 2019 and plans to add even more content and more features in 2020 and beyond.
For instance, the Academy will be adding a course feature in which users can complete and receive a certificate upon completion, they will be adding twice as many articles as before (2 new articles/week), and will improve the categorization system.
All in all, Binance Vision and its Academy is probably the best source for blockchain and cryptocurrency educational content, but of course, that’s right after our “What is X series” ;D
12. What is Binance Charity?
Binance Charity is a nonprofit organization dedicated to achieving global Sustainable development through the power of its blockchain donation system.
The Binance Charity Foundation redefines the charitable giving process by ensuring 100% of all donations are distributed directly to the hands of those in need. The foundation achieves this by utilizing blockchain technology to facilitate charitable donations (also known as blockchain philanthropy).
Binance Charity’s on-chain, transparent donation tracking process addresses many of the issues charitable organizations face today.
It prevents scandals involving the misuse of charitable funds and thus restores the public’s faith in charitable donations. It also triggers a donors’ willingness to participate and motivates the end beneficiaries to fundamentally improve their living conditions.
Binance Charity Stats as of Jan 2020
Thus far, Binance Charity has raised more than 575 BTC equating to nearly $5,000,000 from 1430 donors. Also, 100% of all these funds raised has been delivered to 106181 end beneficiaries.
Charitable areas Binance Charity is involved with:
- No Poverty
- Zero Hunger
- Good Health and Well Being
- Quality Education
- Gender Equality
- Clean Water and Sanitation
- Affordable and Clean Energy
- Decent Work and Economic Growth
- Industry, Innovation, & Infrastructure
- Reduced Inequalities
- Sustainable Cities and Communities
- Responsible Consumption and Production
- Climate Action
- Life Below Water
- Life on Land
- Peace, Justice, and Strong Institutions
- Partnerships for the Goals
An example of one of Binance’s well-known charities in the media (Japan) is when Japan suffered from a massive flood in July 2018. This natural disaster killed more than 200 people and resulted in unfathomable property damage costing nearly $10 billion.
Japan's floods back in 2018
CZ’s reaction was immediate and Binance Charity made a big impact with its efforts to spread awareness and raise funds.
All in all, CZ’s efforts with Binance Charity have made a tremendous impact on tens of thousands of lives and his blockchain-based Binance Charity model is truly revolutionary.
Also, to add an interesting fact – back in 2014, CZ outlined a blockchain charity model based on Bitcoin’s blockchain and he has since brought that model to life through Binance Charity and BNB.
13. What is Binance Labs?
Binance Labs is the venture arm of Binance, established to incubate, invest and empower blockchain and cryptocurrency entrepreneurs, projects, and communities around the world.
Its mission is to support industry projects that help grow the larger blockchain ecosystem while realizing the full potential of blockchain technology and its social impact on the world.
Binance Labs also hopes to create the strongest network of BUIDLers in blockchain and increase cryptocurrency adoption globally by playing an integral role in its early stages of innovation and development.
What Does Binance Lab do?
Binance Labs provides Seed Funding (10% Equity and 10% of Token Sale Pool) for promising startups with a working product.
Binance Labs provides early stage startups with experienced mentors during a 10 week on-site program to help them find product-market fit.
During this process, Binance Labs helps startups network by connecting them with industry leaders and provide them with support for startup formation, regulatory/legal advice, recruiting, technical execution, fundraising, marketing/PR, and more.
Binance Labs Investment Focus
Binance Labs looks for projects to invest in all over the world and is focused on, but not limited to, regions with projects with the following verticals:
Africa / Latin America
- Fiat-on/ off ramp channels
- Trading Infrastructure
Asia / North America / Europe
- Public Blockchain
- Clients (Wallets/ Plugins)
Incubated Projects by Binance Labs:
14. What is Binance’s Trust Wallet?
Trust Wallet is Binance’s official mobile cryptocurrency wallet.
It’s a secure, open-source, decentralized, anonymous, and intuitive multi-cryptocurrency wallet with support for thousands of leading crypto protocols and cryptocurrencies.
Whether you’re a Binance user or not, Trust Wallet enables you to securely store and manage all of your tokens and coins under one wallet while maintaining full control of your private keys.
The wallet simplifies digital asset management, works great with decentralized exchanges, and supports Web3 browser support allowing users to interact with decentralized applications (dapps) directly from the app.
In conjunction with Binance, Trust Wallet is developing exclusive new features including market monitoring, custom networks, test networks, a native DEX, and a deep integration with Binance’s infrastructure.
Unique Trust Wallet Features:
VeChain (VET), TRON (TRX), Callisto (CLO), TomoChain (TOMO), Tezos (XTZ), Cosmos (ATOM), IoTeX (IOTX), Algorand (ALGO), + more coming soon.
Fully functioning Web3 browser that can be used to interact with any decentralized application (dapp).
Trust Wallet works seamlessly with the Binance DEX and Kyber Network protocol to provide a secure and instantaneous decentralized trading experience.
Binance USD (BUSD), Dai (DAI), Tether (USDT), StableUSD (USDS), USD Coin (USDC), Gemini (GUSD), Paxos (PAX), TRUE USD (TUSD), GBP Stable Coin (BGBP), Stasis (EURS), + more coming soon.
Support for non-fungible digital assets such as ERC721 and ERC1155 tokens.
Thousands of Supported Coins
Trust Wallet supports all of the main blockchains within the Ethereum ecosystem, and works with any ERC20, BEP2 and ERC721 tokens as well as Bitcoin and many other coins too.
15. Who Created Binance?
Binance CEO "CZ" Featured in Forbes Magazine
The Binance cryptocurrency exchange was founded by its CEO Changpeng “CZ” Zhao in July 2017.
Prior to starting Binance, CZ already had a career working in the financial markets. He had studied computer science at Montreal’s McGill University and got his first career job building a system for matching trade orders on the Tokyo Stock Exchange.
After that, he moved onto Bloomberg’s Tradebook where he developed software for futures trading and was promoted three times in less than two years to manage teams in New Jersey, London and Tokyo.
Still eager to do more, Zhao later quit his leading role at Bloomberg’s Tradebook and founded Fusion Systems in 2005; a company in Shanghai that builds high-frequency trading systems for brokers.
Then, in 2013, Zhao learned of Bitcoin and later sold his house in Shanghai to go all in on Bitcoin in 2014.
After that, he went full time crypto and bounced around prominent crypto projects such as Blockchain.info and OKCoin, the latter being a prominent cryptocurrency exchange where he worked as its chief technology officer for less than a year.
Then, once the ICO boom picked up steam and cryptocurrency volume began to skyrocket, Zhao made his move and launched the Binance cryptocurrency exchange along with the Binance Coin (BNB) token sale where he raised $15 million selling 200 million BNB tokens.
Less than a year later, Binance became the world’s largest cryptocurrency exchange and continues to dominate the crypto markets to this day.
16. What is Binance worth?
The global Binance.com cryptocurrency exchange is one of the most successful cryptocurrency exchanges in the world as it has just recently surpassed $1.2 billion in cumulative profit (after expenses) as of January 2020.
Not only that, but the exchange’s native cryptocurrency token Binance Coin (BNB) has a market capitalization of $2.7 billion USD and it’s speculated that Binance owns a significant portion of BNBs supply.
In fact, it’s known that Binance owns a significant portion of the BNB token supply because on a quarterly basis, the exchange burns BNB at an equivalent of 20% of its quarterly profits, removing them from circulation forever.
This process of burning BNB tokens held by Binance will continue until the total BNB token supply is reduced by 50%.
Therefore, if you take Binance’s cumulative profits and combine this number with the value of how many BNB tokens Binance owns, the exchange’s net worth is quite significant.
Also, in February 2018 Forbes Magazine placed Binance’s CEO Changpeng “CZ” Zhao on their list of "The Richest People In Cryptocurrency". At the time, CZ’s net worth alone was estimated at $1.4 billion.
17. Where is Binance located?
The flag of Malta
The Binance cryptocurrency exchange is currently headquartered in Malta with head offices maintained in Hong Kong, Taiwan, Japan, and Korea.
In addition to the global Binance.com cryptocurrency exchange, Binance has three different branches which adhere to the regulations in their specific jurisdictions. These branches include Binance.US located in the United States, Binance Jersey located in Jersey, and Binance Uganda located in Uganda.
Though Binance’s headquarters are now located in Malta, the exchange was founded in China.
However, due to the Chinese government ban on cryptocurrency trading in September 2017. Binance had to quickly move its servers and headquarters out of China and into Japan shortly after launch.
It wasn’t until March 2018 that Binance announced it would be moving its headquarters to Malta due to its favorable financial market/crypto regulations.
Also, 1 month later in April 2018, Binance signed a Memorandum of Understanding (MoU) with the Government of Bermuda and later signed a similar memorandum with the Malta Stock Exchange to develop a platform for trading security tokens.
In addition to Binance’s formal business locations and head offices, the exchange also features an expansive decentralized ecosystem of community developers and team members throughout the world.
18. Can you leverage trade on Binance?
As a world leading cryptocurrency exchange, Binance offers traders a wide variety of trading options including spot trading, margin trading with up to 5x leverage, and futures trading with up to 125x leverage.
Therefore, Binance offers their users not 1 but 2 different ways to trade with leverage. See them overviewed below:
Binance Margin Trading
For traders looking to take on more risk and amplify their profits on successful trades, they can participate in Binance margin trading on the spot markets with leverage between 3x and up to 5x.
While this type of trading can be very profitable due to the greater value of the trading positions, it comes with a lot of risk because losses are amplified as well. All in all, Binance margin trading may be useful for diversification but it’s not suitable for beginners.
Binance Futures Trading
With Binance Futures, traders can further diversify their crypto trading portfolio by buying or selling crypto assets at a predetermined price at a specified time in the future. Traders can do this with leverage between 1x and 125x.
Trading with up to 125x leverage can potentially be extremely profitable as you only need a tiny position size to make BIG trades. For example, if you take a long/short position with just 0.01 BTC and trade with 125x leverage, your actual position is as much as 1.25 BTC.
While this kind of position can net you some serious gains if the trade is successful, it also comes with serious risk. Trading with leverage as high as 125x compounds your risks significantly as your chances of getting liquidated are much higher.
19. How safe is Binance?
As a world leading cryptocurrency exchange, Binance goes through relentless efforts to safeguard its entire platform and protect its users.
The exchange uses only the latest and greatest technology to secure its platform and helps individual users to secure their accounts with various techniques.
How Binance keeps its users safe:
Latest Security Technologies
Binance invests in the latest technologies to keep its users safe. Such technologies include advanced artificial intelligence (AI) solutions used in identity and facial recognition, big data analytics solutions that monitor the exchange for irregular trades and suspicious activity, and cyber forensic investigations that trace the roots of each hacking attempt.
Excellent Customer Support & Education
Binance has a 24/7 customer support team that not only assists users in times of need but educates them on best practices as well. Binance customer support is quick to respond and utilizes a support ticket system so that problems can be resolved efficiently and correctly.
Also, Binance features countless FAQs, articles, guides, and tutorials on how to maintain your personal security when using crypto and the Binance exchange. The Binance Academy has provided users with as much information as possible regarding security topics in crypto.
Binance’s Secure Asset Fund for Users (SAFU)
In the unlikely event that Binance is hacked and user funds are stolen, the exchange has set up a Secure Asset Fund for Users (SAFU) as a sort of insurance fund for potential security breaches.
The fund began in July 2018 when Binance began allocating 10% of all trading fees received into the fund. The fund is now estimated to contain hundreds of millions of dollars.
All in all, Binance is considered to be one of the safest and most secure cryptocurrency exchanges available.
20. How to trade on Binance?
Trading on the Binance cryptocurrency exchange is extremely easy.
The web-based trading platform is intuitively designed making it suitable for both beginners and experienced traders as all of the information a trader needs to be successful is provided on one screen interface in a clean and organized manner.
There are over 150 cryptocurrencies to choose from on Binance, but in the following tutorial, I will show you how to buy Ethereum (ETH). For the sake of this tutorial, let’s say you have already deposited Bitcoin (BTC) and will be using it to buy Ethereum (ETH).
Keep in mind, the steps are the same if you want to buy or sell a different cryptocurrency, just replace Ethereum with the coin of your choice.
Follow the steps below to start trading today:
1. Go to the Binance website (www.binance.com). Move your mouse to the top right corner, click Log In, and enter in your details to log in.
2. Once you’re logged in, move your mouse over the Trade tab at the top of the screen and click Basic.
3. Now, if you’re a beginner, this stage might appear to be a little overwhelming. But don’t worry, it’s really quite simple. Just follow my steps and you’ll be trading in no time.
4. To the right of the page, you’ll see the available crypto markets and their corresponding crypto trading pairs. Since we are buying ETH with the BTC we deposited, make sure the BTC market is selected and search ETH in the search bar.
5. Click the ETH/BTC trading pair. Once clicked, the trading page will update with the chart and all available information displaying the ETH/BTC trading pair.
6. Now, scroll down to the order window (the window with the Green Buy and Red Sell buttons). In this window, make sure you click on the Exchange and Market tabs.
Why Market and not Limit? Selecting Market is the simplest way to buy or sell cryptocurrency for the best price that’s currently available. Selecting Limit will allow you to specify the exact price you want to buy or sell at.
(Limit orders are best for more experienced, short-term investors. Market orders are best for beginners to get their feet wet into buying and selling crypto.)
7. Now, to start your trade, you need to enter in the amount of coins you want to buy. You can do this manually by typing in the exact amount. Or you can choose a percentage of your Binance balance (25%, 50%, 75%, or 100%).
In the example above, I clicked on 50%. Therefore, 50% of my BTC holdings on Binance will be traded for ETH and I will receive 1.676 ETH.
8. Finally, to complete your trade, click Buy ETH and your order should be filled within a matter of seconds.
9. To review your order details and make sure it was completed successfully, simply scroll down to the 24hr order history window. Here, you can see the trading pair, the order type, the exact price you bought at, the amount of coins received, and the fee paid.
10. Congratulations, you just did your first crypto-to-crypto exchange!
21. How to add funds to Binance?
The global Binance.com cryptocurrency exchange is a crypto-to-crypto exchange. Therefore, users can only deposit stablecoins and cryptocurrencies onto the exchange. Fiat currencies such as the US Dollar (USD) Euro (EUR), British Pound (GBP), etc. are not supported on Binance.com.
That being said, follow the steps below to deposit crypto funds on Binance:
1. To start, visit the Binance website (www.binance.com) and Log In to your Binance account.
2. After you have logged into your account, click Wallet to open a dropdown menu and click Spot Wallet – (this is where you can deposit and withdraw funds on Binance.)
3. After clicking Spot Wallet, your Binance wallet with all of your deposited cryptocurrencies will be displayed. Turn your attention to the left side of the screen and click deposit.
4. You will now need to select which coin you want to deposit. Each cryptocurrency has a different deposit address and it’s of vital importance that you send coins to the right address. If not, you could risk losing your crypto.
For this tutorial, we will select Binance Coin (BNB) to deposit.
5. You now need to copy the deposit address and the easiest way to do this is to click on Copy Address.
6. Once the deposit address is copied, you need to go to your cryptocurrency wallet and transfer the number of BNB coins you want to deposit onto Binance. Make sure you double check that you are sending the coins to the correct Binance deposit address.
7. Once you send the coins, you can check the status of your deposit on the Deposit & Withdrawal History page. Once your deposit has been confirmed by Binance, your Total and Available balances will be updated.
8. Congratulations, you have now added funds to your Binance exchange account!
22. How to Withdraw Crypto from Binance?
Withdrawing funds from Binance is completed in much the same way as depositing funds. You go to the same pages and basically follow the same steps for Depositing funds, but instead of clicking Deposit, you click Withdrawal.
However, to make things super simple for you, follow the steps for withdrawing funds on Binance below:
1. To start, visit the Binance website (www.binance.com) and Log In to your Binance account.
2. After you have logged into your account, click Wallet to open a dropdown menu and click Spot Wallet – (this is where you can deposit and withdraw funds on Binance.)
3. After clicking Spot Wallet, your Binance wallet with all of your cryptocurrency balances will be displayed. Turn your attention to the left side of the screen and click withdrawal.
4. You will now need to select which coin you want to withdrawal. Each cryptocurrency has a different withdrawal address and it’s of vital importance that you send coins to the right address. If not, you could risk losing your crypto.
For this tutorial, we will select Binance Coin (BNB) to withdrawal.
5. Before you can withdraw your BNB, you must go into your personal cryptocurrency wallet and copy the coin’s deposit address. Make sure you copy the deposit address for the correct cryptocurrency (BNB in this case).
6. Now, you need to go to back to the withdrawal page on Binance and enter the copied wallet address you want to send your coins to. Make sure you double check that you are sending the coins to the correct deposit address for your personal cryptocurrency wallet.
7. Once you send the coins, you can check the status of your withdrawal on the Deposit & Withdrawal History page. Once your withdrawal has been confirmed by Binance, your Total and Available balances will be updated.
8. Congratulations, you have now withdrawn funds from your Binance exchange account!
23. Can Binance Withdraw Fiat to a Bank account?
What many people don’t know is, the global Binance.com cryptocurrency exchange actually does supports fiat currency withdrawals directly to a user’s bank account.
This ability to withdraw fiat currency directly to a users bank account is made possible through a partnership with global fiat on-ramp solution Banxa.
With Banxa, Binance users can now withdraw Australian Dollar (AUD), Euro (EUR) and British Pound (GBP) directly to their bank accounts through the Binance Buy/Sell Crypto page. The withdrawal process is completed via near-instantaneous low-fee GBP bank transfers.
Additionally, Banxa and Binance will be adding support for more countries and currencies throughout 2020 to serve a global market by offering more convenient and safe global and local payment methods.
In addition to Binance’s bank withdrawal support through the Banxa partnership, Binance also supports withdrawals via other fiat gateways such as bank cards, credit cards, and through payment platforms Simplex, Latamex, Koinal, Paxful, and others.
Also, Binance’s subsidiaries including Binance US, Binance Jersey, and Binance Uganda enable their users to withdraw funds directly to their bank account through ACH bank transfers as well.
Keep in mind that in order to withdraw fiat funds from Binance, you will need to provide identifying know your customer (KYC) information before you can sell crypto for fiat currency and withdraw.
24. Can you deposit Fiat to Binance?
Options to choose from in Binance dashboard
On the global Binance.com cryptocurrency exchange, you can also deposit fiat to your binance cash wallet and buy and sell crypto directly with fiat currency.
However, when buying/selling crypto with fiat currency, you are doing so at a spot price. Unlike the open market where you can enter a price you are willing to buy/sell crypto at, when buying/selling with fiat you buy/sell at the price the exchange sets.
The global Binance.com exchange currently supports a wide variety of deposit methods that vary for different fiat currencies. Some of these methods include:
- Credit Cards
- Bank Cards
- Banxa bank transfers via Faster Payments (FPS)
Binance.com currently supports fiat deposits for 27 different fiat currencies and Binance CEO Changpeng “CZ” Zhao has stated that the exchange will aim to add all 180 fiat currencies in 2020 to enable a much greater and easier money flow into crypto for their users.
Moreover, Binance’s subsidiaries including Binance US, Binance Jersey, and Binance Uganda enable their users to deposit fiat directly to the exchange as well.
In fact, these Binance subsidiaries are the preferred method for depositing and withdrawing fiat currency because they are primarily fiat-to-crypto exchanges while Binance.com is primarily a crypto-to-fiat exchange.
One more thing to add, it’s important to keep in mind that if you want to deposit fiat to Binance, you will need to provide identifying know your customer (KYC) information before you can deposit fiat currency and buy crypto.
25. What are Binance Fees?
The global Binance cryptocurrency exchange has some of the lowest trading fees on the entire cryptocurrency market as the standard trading fee on Binance is just 0.10% for both makers and takers.
Pay Fees with BNB to Receive a Discount
Binance enables traders to reduce its low 0.10% trading fee by 25% (to just 0.075%) if you hold Binance Coin (BNB) on Binance and use it to pay for trading fees.
However, Binance plans to phase this discount out by 2021. But whether they will actually phase it out or not is up for question. According to Binance’s initial plan, traders should be receiving a discount of just 12.5% but they are still receiving the 25% discount.
Trade More to Receive a Discount
Another way to reduce your trading fees even more is to increase your trading volume. Binance offers 9 levels of fee discounts (VIP 1-VIP 9) that’s based on your 30-day trading volume.
Along with increasing your trading volume to receive fee discounts, the VIP levels also require users to maintain a certain BNB balance.
See the complete fee schedule with the different VIP levels and discounts below:
VIP levels and discounts
Binance charges zero fees on all cryptocurrency and fiat deposits. However, when depositing fiat currency, users may be subject to the payment methods fees that usually range from 2.5% and up.
When you withdraw cryptocurrency from Binance, you pay a flat fee in the crypto asset you are withdrawing. Each crypto asset has a different fee.
See some common crypto withdrawal fees below:
- Bitcoin (BTC) = 0.0005 BTC
- Ethereum (ETH) = 0.01 ETH
- Binance Coin (BNB) = 0.001 BNB
- Litecoin (LTC) = 0.001 LTC
As for fiat currency withdrawals, the fees vary between currencies and withdrawal methods.
26. Why Binance Burns BNB Coins?
For the uninitiated, Binance periodically conducts a coin burn for Binance Coin (BNB) and this process permanently removes coins from circulation and thus reduces the total supply.
Thus far, Binance has conducted 10 quarterly BNB coin burns resulting in the burning of 16,742,023 BNB tokens ($246,138,000 USD value) as of the start of 2020.
For the initial 9 quarterly BNB coin burns, Binance burned an amount of Binance Coins (BNB) equivalent to 20% of its quarterly profits. On the 10th quarterly token burn, Binance based its BNB coin burn on quarterly trading volume instead of quarterly trading profits.
Going forward, all future BNB coin burns will be based on quarterly trading volume instead of quarterly trading profits. Binance will continue to do these BNB coin burns every quarter (4 months) until half of BNB’s total supply (100 million BNB) are burned.
That being said, Binance owns a large fraction of the BNB supply and does not have to buy back BNB tokens to conduct their token burn. Instead, Binance simply takes BNB tokens they already own and burns an amount of BNB coins based on quarterly trading volume.
Therefore, Binance doesn’t actually incur a cost when conducting these token burns, it does not directly increase buying pressure on the market, and the market supply isn’t actually getting reduced because they already own the tokens.
So why conduct the BNB coin burns?
The fact is, these quarterly coin burns does decrease the total supply of Binance Coins (BNB) which should theoretically increase the value of BNB long-term.
As well, with these BNB coins removed from circulation forever, Binance can never sell these coins on the open market which greatly reduces the risks to investing in BNB.
That being said, many investors view these BNB coin burns as very desirable and believe they will have a noticeable positive impact on the future price of BNB.
Thus far Binance has conducted 10 quarterly BNB coin burns reducing the BNB supply by 8.45% from BNB’s total supply.
History of Binance BNB Burns
27. How do you verify on Binance?
The global Binance.com cryptocurrency exchange allows its users to deposit, withdraw, and facilitate crypto-to-crypto trades anonymously. There is no need to verify your account by providing the exchange with identifying know your customer (KYC) information.
However, Binance users do have the option to verify their account if they so choose. Doing so will enable fiat currency deposits and withdrawals for buying and selling cryptocurrency for fiat currency.
Also, Binance users with verified accounts can withdraw a maximum of 100 BTC per 24hrs, while unverified users can only withdraw a maximum of 2 BTC per 24hrs.
Verify your Binance Account:
Verifying your Binance account is easy and can be completed by following some simple steps:
- Log In to your account.
- Once logged in, navigate to the User Dashboard and click Identity Verification.
- You will have the option to complete your Personal identity verification or Enterprise identity verification. (You will probably select Personal)
- Now, enter your personal information such as your name, date of birth, and residential address.
- Next, choose a valid ID type (dependent on the country where your ID documents are issued). Take a picture of the documents and upload the document via the verification interface.
- Next step is facial verification. Take a picture of yourself showing your face and upload the image of your face. You must then confirm that the picture you uploaded is in fact yourself.
- After that the verification process is complete! All you need to do is wait for your account to be verified.
28. How long does it take for Binance verification?
As seen from the Binance verification process outlined above, verifying your account is fairly straightforward and easy.
The whole process must be completed within 15 minutes for the submission to be a success and you can attempt to do this process 3 times within the span of 24 hours.
Once you have successfully submitted your account verification application, you must wait for Binance to review your submitted data in a timely manner.
The time it takes to verify your account is dependent on how many submissions Binance receives at any particular time and how much staff they have dedicated to account verifications. Typically, a user account will be verified within 1 week and often times even sooner.
If Binance user activity is surging and there is an influx of new users signing up and verifying their accounts, then this process may take longer than 1 week. Overall though, Binance account verification is generally completed very quickly.
29. Can I withdraw from Binance without verification?
Binance currently allows cryptocurrency withdrawals of up to 2 BTC in value within a 24hr time period for accounts without any verification. Binance users with verified accounts can withdraw crypto up to a maximum value of 100 BTC within a 24hr time period.
As for fiat currency withdrawals, accounts without verification cannot withdraw any fiat currency. All accounts dealing in fiat currency must be verified prior to buying or selling crypto with fiat currency.
30. Does Binance have an app?
As far as mobile trading applications go, the Binance mobile crypto trading app has got to be one of the best on the market. The application is extremely easy to use and intuitively designed to support busy traders on the go.
The app supports all of the same sophisticated features found on the standard web-based trading platform such as charts from TradingView with multiple technical indicators, time frames, and chart types.
Users can place basic or advanced order types on the spot markets and can even participate in crypto margin trading and crypto futures trading.
All of the 150+ supported cryptocurrencies can be traded, deposited, and withdrawn via Binance’s mobile trading app and users can even participate in Binance’s staking and lending services via the app.
Binance’s mobile trading app is highly rated with nearly 5 stars on both the Apple App Store and Google Play Store and it has been downloaded by tens of thousands of users.
All in all, the Binance mobile trading application is a must have for mobile Binance traders as it puts the power of the trademark Binance cryptocurrency exchange in the palm of your hand.
31. Binance’s Notable Partnerships
As a world leading cryptocurrency exchange, Binance has loads of partnerships with a wide variety of companies, people, and cryptocurrency projects around the world.
That being said, NOT all of their partnerships are listed in the following section because there is way too many of them to fit in one post. However, I’ve listed Binance’s most notable partnerships that are very important to the greater crypto ecosystem and Binance cryptocurrency exchange.
Decentralized Finance (DeFi)
1. Chainlink (Source)
Binance is the most liquid cryptocurrency exchange in the world and therefore has valuable data that can be used across the DeFi ecosystem in its products and applications.
By partnering with Chainlink and utilizing its decentralized oracle network, Binance’s wealth of information about cryptocurrency pricing data can verifiably and securely be available to power all DeFi dapps.
Chainlink allows smart contracts to integrate data from the Binance API and connect it to data and systems outside its native blockchain (off-chain).
2. FTX (Source)
Binance and FTX – a leading cryptocurrency derivatives exchange – have a strategic partnership to work together and further develop the cryptocurrency ecosystem.
FTX will help build out the liquidity and institutional product offerings across the Binance ecosystem and Binance work alongside FTX on the development of a wide range of products that will help give users access to an entire tokenized ecosystem.
3. Paxful (Source)
Binance and Paxful – a peer-to-peer bitcoin (BTC) marketplace – have a strategic partnership to to increase crypto access and liquidity across the globe.
Through this partnership, Paxful’s web-based Virtual Bitcoin Kiosk is integrated and directly available on the Binance.com cryptocurrency exchange for new and existing users.
The integration will allow Binance users to make payments via Paxful on the Binance platform as well to utilize Paxful’s peer-to-peer trading network directly to buy Bitcoin (BTC) with 167 different fiat currencies.
4. Paxos (Source)
Binance partnered with Paxos – a leading digital trusts company – to launch a USD-denominated stablecoin, Binance USD (BUSD).
By partnering with the Paxos brand, Binance USD (BUSD) has received approval from the New York State Department of Financial Services (NYDFS).
5. Band Protocol (Source)
Binance is collaborating with Band Protocol – a data governance framework for Web3.0 applications – to provide valuable Binance cryptocurrency data to any blockchain network and its decentralized applications.
With Band Protocol, an array of cryptocurrency data on Binance can be brought off chain in a reliable and trustless manner. This partnership is of a similar stature to the Chainlink partnership.
6. Chainalysis (Source)
Binance partnered with Chainalysis – the leading provider of cryptocurrency compliance and investigation solutions – to tackle global cryptocurrency money laundering.
By working with Chainalysis, Binance is building world-class AML compliance programs that use sophisticated software for cryptocurrency transaction pattern recognition that raises live alerts on transactions involved in suspicious activity.
The partnership also ensures that Binance satisfies regulators globally and builds trust with major financial institutions.
7. CipherTrace (Source)
Binance and CipherTrace – a world leading provider of cryptocurrency intelligence and blockchain security – have partnered to provide Binance with anti-money laundering (AML) on-chain analytics for Binance Chain.
Additionally, the partnership will enable developers, investors and regulators to browse the Binance Chain blockchain to identify high-risk addresses and set controls to protect decentralized applications (dapps), exchanges, or other cryptocurrency-based applications.
8. Coinfirm (Source)
Binance and Coinfirm – an international regulation technology company – have partnered together to protect the global cryptocurrency economy and ensure compliance with anti-money laundering (AML) and the Financial Action Task Force (FATF) rules.
Through this partnership, Binance has integrated Coinfirm’s blockchain-agnostic AML platform into its cryptocurrency exchange to ensure secure trading for Binance users and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world.
9. Elliptic (Source)
Binance partnered with Elliptic – a leading cryptocurrency compliance provider – to further enhance Binance’s AML compliance program and security systems.
With Elliptic’s trusted blockchain transaction monitoring software, Binance is better able to identify illicit transactions which improves Binance’s AML program in the eyes of regulators.
10. IdentityMind (Source)
Binance partnered with IdentityMind – an organization specializing in online risk management and compliance automation – to further enhance compliance and data security measures.
With IdentityMind’s risk and compliance platform with its patented digital identities engine integrated into Binance, the exchange benefits from real-time onboarding, transaction monitoring, and case management solutions.
11. Refinitiv (Source)
Binance and Refinitiv – a leading global compliance services provider – have partnered together in order to help keep Binance’s blockchain ecosystem safe, trustworthy, and compliant.
Through this partnership, Binance utilizes Refinitiv’s automated KYC application which screens, identifies, verifies, and monitors clients for onboarding and remediation purposes.
Additionally, Binance is using Refinitiv’s World-Check service, which includes a streamlined KYC compliance process and integrates legal entity information from more than 200 countries and regions, in 60 languages.
12. Advcash (Source)
Binance partnered with Advcash – a payment platform combining crypto, fiat and prepaid card features – in order to offer deposits and withdrawals of the following fiat currencies: Euro (EUR), Russian Ruble (RUB), Ukranian Hryvnia (UAH) and the Kazakhstani Tenge (KZT).
When depositing fiat currency on Binance with Advcash, users benefit from zero deposit fees which is a big benefit compared to some other options such as bank cards or credit cards.
13. Banxa (Source)
Binance partnered with Banxa – an internationally compliant fiat-to-crypto gateway solution – to allow Binance users to buy crypto directly using 3 different fiat currencies on Binance.com including the Australian Dollar (AUD), British Pound Sterling (GBP) and Euro (EUR).
Fiat currency deposits through Banxa on Binance are near instantaneous and have very low fees. The Banxa and Binance partnership aims to eventually add support for all 180 fiat currencies.
14. Flutterwave (Source)
Binance and Flutterwave – a global payment technology company – have partnered to provide Binance users in Africa with a fiat-to-crypto gateway.
With this partnership, Africans with bank accounts transacting in Naira (NGN), Kenyan Shilling (KES), and South African Rand (ZAR) can now purchase cryptocurrency through the Binance Fiat Gateway platform on the Flutterwave channel.
The cryptocurrencies available for purchase with these fiat currencies include Bitcoin (BTC), Binance USD (BUSD), and Binance Coin (BNB).
15. Koinal (Source)
Binance and Koinal – a London-based payment processing company – have partnered together to enable more cryptocurrency purchasing services on Binance.
Through the Koinal integration, Binance users can purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and XRP with any local currency via debit or credit cards as well as wire bank transfers for users in more than 175 countries.
Also, when Binance users purchase crypto through Koinal’s fiat payment gateway they benefit from sophisticated fraud monitoring and advanced encryption technology to protect their payments.
16. Papara (Source)
A partnership between Binance and Papara – a regulated and secure payments provider based out of Turkey – enables users to deposit Turkish Lira (TRY) onto Binance and purchase cryptocurrency.
Upon submitting required KYC information, Turkish users can purchase Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) via the Binance Buy and Sell Crypto platform with the Turkish Lira (TRY).
17. Settle Network (Source)
Binance and Settle Network – the largest digital assets settlement network in Latin America – have partnered to enable direct fiat purchases of cryptocurrency for Latin American users on Binance.com.
Through the partnership, a new payments platform called Latamex was established as a Latin American fiat gateway for Argentina and Brazil.
Now, Binance users from these countries can purchase Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), and Binance USD (BUSD) with the Argentine Peso (ARS) and Brazilian Real (BRL) through the Binance Buy and Sell Crypto channel.
18. Vertex Ventures (Source)
Binance and Vertex Ventures – a global network of operator-investors – have partnered together to launch Binance Singapore (Binance.SG) – a fiat-to-crypto platform for the buying and selling of cryptocurrencies with Singapore Dollars (SGD).
Binance and Vertex are expanding the blockchain ecosystem in Singapore with the launch of Binance.SG, which enables traders from Singapore to buy and sell 7 different cryptocurrencies including BTC, ETH, BNB, LTC, BCH, XRP, NEO, and LINK with SGD.
19. Amun (Source)
Binance and Amun – a world leader in the issuance of cryptocurrency Exchange-Traded Products (ETP) – have partnered to launch the first BNB ETP on the Swiss Stock Exchange (Ticker: ABNB).
This BNB ETP is just the first step of this partnership as the two companies plan to launch many more innovative financial products that contribute to the greater crypto ecosystem.
20. HTC (Source)
Binance and HTC – a leading consumer electronics company – have partnered together to release a limited edition EXODUS 1 Smartphone with built-in Binance Chain and DEX support.
The phone is the world’s first Binance Chain-ready smartphone in which the phones native Zion Vault crypto wallet app integrates with the Binance DEX, enabling users to trade directly from their phone.
Additionally, these limited edition smartphones come preloaded with the Binance and Trust Wallet apps.
21. Simplex (Source)
Binance and Simplex – a leading payment processing company – have partnered together, enabling users to buy cryptocurrencies with their credit cards directly on Binance.com.
Through the Simplex partnership, users on Binance can now use Visa and MasterCard to buy Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) cryptocurrencies. The payments are near instant and promote mainstream adoption for cryptocurrency.
22. Tagomi (Source)
Binance’s US branch, Binance.US has partnered with Tagomi – an institutional investor-focused brokerage – to provide liquidity for its cross-exchange trading platform.
The partnership will offer Tagomi’s customer base access to select crypto trading pairs on Binance.US and further contributes to Binance and cryptos market growth and adoption.
23. Travelbybit (Source)
Binance and Travelbybit – a travel booking platform – have joined forces to create a cryptocurrency-backed travel rewards card that facilitate crypto payments on major travel websites.
The Travelbybit travel rewards card functions as a traditional debit card but with additional rewards such as exclusive travel discounts and deals.
The card will be released in 2020 for travelers in ASEAN (Association of Southeast Asian Nations), Australia, and Europe, with plans to gradually add support to more countries.
24. Z Corporation (Source)
Binance and Z Corp – a subsidiary of Yahoo Japan and TaoTao – have entered into a strategic partnership to launch trading services for users in Japan.
Z Corp and TaoTao will licence Binance’s cutting edge trading technologies and collaborate with the Japanese Financial Services Agency to ensure full regulatory compliance in Japan.
The trading services created through this strategic partnership is expected to come to fruition sometime in 2020.
Hope you enjoyed that read :) Let me know if I have missed something in the comments.