Table: Some general stats of the Binance cryptocrrency exchange If you don’t already own some cryptocurrency, then you’ll need to buy some with fiat money, first, before you can start trading. This means that users can trade cryptocurrencies and fiat money, interchangeably.
At certain points in time, it's not uncommon for more than $1.4 billion worth of cryptocurrency to be traded on it.īinance allows users to trade both crypto-crypto, as well as crypto-fiat. Note: An initial coin offering (ICO) is an easy way for crypto businesses to raise money without using more complicated methods like bonds or stocks.īinance is often hailed as the biggest crypto exchange on the market. Discounts are offered to traders who use BNB to pay trading fees ( which I will explain in detail a little later!) The exchange used an initial coin offering of Binance Coin (BNB) to raise $15 million worth of funding in July 2017. Moving further, note that Binance has its own cryptocurrency, called Binance Coin (BNB). However, it then opened a subsidiary company - Binance.US - to provide US-based traders with an exchange that complies with all regulations. In 2019, Binance was banned in the United States due to the strict US regulations regarding cryptocurrencies.
Currently, Binance is based in the Cayman Islands. It has since had offices in Japan, Taiwan, and Malta. The company was forced to leave China in September 2017, after the Chinese government banned cryptocurrency trading.
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