Have you been contemplating which cryptocurrency exchange to use? Were you wondering if the Binance exchange was trustworthy, safe, and secure? Navigating the cryptocurrency world might be challenging, but you’ve come to the perfect spot. I’ll go over everything you need to know about the Binance exchange in this article.
Binance is Owned by CZ
Changpeng Zhao, or CZ, spent a lot of time moving around in the cryptocurrency and investing industries before founding Binance in 2017. He first founded a firm that created high-frequency trading algorithms before moving around cryptocurrency teams such as blockchain.info, where he worked on the wallet, and OKcoin, where he served as Chief Technology Officer.
Binance, an experienced and intelligent company, had become the world’s largest exchange less than a year after its launch. This is determined by the daily volume witnessed on each exchange, and it remains the world’s largest.
CZ is an extremely influential and well-respected person in the blockchain space, gaining notoriety for his exchange’s quick popularity and his personal intelligence. The founder has even assisted directly with customer issues as many people reach out online seeking help.
Binance Exchange History
CZ founded Binance in Shanghai but eventually relocated to Japan to avoid regularity difficulties and political pressure. Despite being the largest global exchange, you may have never heard of it because it was first prohibited in the United States. To explain, the Binance exchange is prohibited in the United States, prompting the team to launch Binance.US.
Binance.US meets and adheres to all United States rules and laws that are not found in other markets. Several states, seven in total, continue to prohibit Binance.US, citing inadequate regulatory criteria as the reason. The United States is noted for having substantially tougher laws governing cryptocurrencies, securities, and currencies, as well as a lack of regulatory clarity. This is a significant reason for some exchanges, like Binance, being banned from the U.S. or certain states.
Is Binance FDIC Insured?
Binance, like banks and a few other exchanges, guarantees deposited funds up to $250,000 per account. It should be noted that this does not imply that your investments are protected. FDIC insurance is similar to bank insurance in that the money you deposit into the account is covered up to a quarter-million dollars. That money is no longer insured once it is invested. Being FDIC insured is beneficial for any exchange that you intend to actively use or leave money on.
Is The Binance Cryptocurrency Exchange Secure?
Binance.US, which you will use if you are physically based in the United States of America, has never been hacked or compromised, according to reports. In 2019, the worldwide Binance site was hacked, and 7,000 BTC were taken. This is one of their only security breaches, and they even refunded all of the hacked coins, which totaled about forty million USD at the time. Things happen, and there will never be a fully unhackable server or software, so it’s reassuring to see that the Binance team immediately refunded the compromised Bitcoin.
Security is one of the most discussed aspects of any cryptocurrency exchange, program, or wallet. We’re dealing with internet money, so how do we keep it safe? Fortunately, cryptocurrency exchanges like Binance are keeping an eye on us.
Binance Exchange’s Interface
The Binance.US user interface is relatively straightforward to use. The front page is where you keep track of your preferred coins, and the middle is where you keep track of your complete portfolio and wallet. Binance was designed with the novice or beginner cryptocurrency user in mind, and as a result, the design is extremely straightforward to browse.
Binance.US has a Better Business Bureau page but is not accredited by them. This could be due to a variety of factors, the most plausible of which being that Binance.US is a lot newer and somewhat modified version of the regular Binance technology. This may alter when they further establish themselves in the space (inside the United States).
The Final Verdict on Binance.US
Binance.US is unquestionably a legitimate and secure exchange. Some of the most important factors in this decision are simplicity and ease. It’s also worth noting that they can handle such a big influx of trade traffic on their systems, which is really outstanding. Finance has another advantage in that it is more than just a cryptocurrency exchange. Binance, which uses the BNB coin, is also a blockchain. Binance allows others to create currencies and apps on its blockchain, thereby creating a community around the entire system. The blockchain and the BNB token create a significant incentive for the Binance team to do right by their consumers and provide actual value.
Binance exchange is a fantastic piece of software to use and a joy to trade on, with some of the lowest trading fees in the world! They absolutely live up to the promise of being the largest exchange by volume by prioritizing the consumer and providing actual value through security, the convenience of use, and blockchain networks.
If you enjoyed this article check out articles on Binance CEO ChengPeng Zhao, The Coinbase Exchange or How Cryptocurrency Credit Cards Are Disrupting Banking.
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