Binance, with a staggering $76 billion daily trading volume as of August 2022, stands as the world’s largest crypto exchange. Serving over 90 million customers globally, Binance is a trusted platform for buying, selling, and storing digital assets. With a vast array of over 350 cryptocurrencies and thousands of trading pairs, Binance has solidified its position in the crypto space.
The Binance ecosystem encompasses various entities, including Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, and more.
Founders of Binance
Binance, founded in China, has Changpeng Zhao (CZ) and Yi He as its visionary leaders. Changpeng Zhao, a Chinese-Canadian developer and CEO of Binance, has a successful entrepreneurial background, including leadership roles at Bloomberg Tradebook and Blockchain.com.
Yi He, CMO at Binance and Head at Binance Labs, brings her expertise as a former Vice President at Yixia Technology and co-founder of digital asset exchange OKCoin.
Binance Launch Date
Launched in June 2017, Binance achieved unprecedented growth, becoming the largest cryptocurrency exchange in the world within just 180 days.
Restricted Countries
While Binance operates globally, certain countries are restricted under the Binance Terms of Use. Notable exclusions include the United States, Singapore, and Ontario (Canada). Additionally, some countries, such as China, Malaysia, Japan, UK, and Thailand, may experience limited usage or features due to regulatory reasons. In 2019, Binance.US was introduced as a dedicated platform for US clients.
Binance Fees
Binance offers a user-friendly platform with competitive fees. The fee structure operates on a tiered system, ranging from regular users to VIP 9. For spot trading, regular users incur a 0.10% maker taker fee. Notably, Binance introduced zero-fee trading for BTC spot trading pairs in July 2022, followed by the ETH/BUSD pair in August.
Trading Options on Binance
Margin Trading
Traders can engage in margin trading on Binance Margin, allowing them to borrow funds and trade cryptocurrencies with up to 10X leverage.
Derivatives and Options
Binance provides derivatives products, including Binance Futures settled in USDT, BUSD, or other cryptocurrencies. Additionally, users can leverage their trades using Binance Options.
