What is Binance?
What is Binance?
Binance is an ecosystem that includes a centralized cryptocurrency exchange with the world’s largest bidding volume, BNB Chain blockchain platform, training center, investment and charity funds, NFT marketplace and other products.
What is Binance Exchange?
The first and main product of Binance is the cryptocurrency exchange, which began to work in 2017.
It presents various tools: spawning trading of digital assets and transactions with a shoulder, derivatives, section for P2P exchange. In addition, users have access to passive earnings on cryptocurrencies by stake and pharmacy, the function of release of a debit card and other services.
According to the official site, as of April 2022, Binance supports more than 600 crypto assets and over 40 fiat currencies. 90 million users are registered on the platform.
According to the results of a survey conducted at the end of 2021, this exchange became the most popular among FORKLOG readers – more than 70% of respondents trade on it.
Binance does not disclose financial data. According to various estimates, its revenue in 2021 amounted to $ 14.6 billion to $ 20 billion. According to media reports, in 2021 the company’s own assessment was $ 200 billion.
The exact number of Binance employees is unknown, but at the beginning of 2022, the project director of the project Chanpeng Zhao said that the remote staff of employees has about 4,000 people.
Who founded Binance?
Founder Binance – Chanpen Zhao. He holds the post of general director of the company and is its largest shareholder.
Zhao was born in the Chinese city of Jiangsu, then moved with his parents to Canada, where he graduated from the University of McGill. After its completion, the internship was held on the Tokyo Stock Exchange, where I developed software for high -frequency trade. Then he worked at Bloomberg for several years.
In 2005, Zhao founded his first company, which was developing algorithms for high -frequency trading.
He began to work in the crypto industry in 2013, becoming one of the first Blockchain employees.Com. Held the post of technical director of the Okcoin exchange.
Since the founding of Binance in 2017, Zhao has been the post of its general director.
In 2022, Chanpen Zhao became the leader of the ranking of the richest representatives of the blockchain industry compiled by Forbes. The publication estimated its fortune at $ 65 billion.
Binance USD (Busd) – Stablecoin’s project founded by Binance and the American company Paxos. The price of the asset is tied to the US dollar in a ratio of 1: 1. BUSD takes fourth place in capitalization among stablecoins. Operates on the BNB Chain and Ethereum network.
Busd price stability provides dollar reserves on the account of a special company operating in the United States. It is regulated by the financial department of the state of New York and passes a monthly audit. The amount of reserves corresponds to the number of Binance USD stabelcoins in circulation.
What other products are included in Binance?
In addition to the crypto -rope, the Binance ecosystem includes the following products:
- Binance Labs -Business incubator, designed to support entrepreneurs, projects and communities in the development of blockchain startups using BNB Chain. At the moment, the Binance Labs portfolio has more than 120 projects.
- Binance Academy -a training portal with the base of training articles and videos about the trading of digital assets, blockchain technologies, projects and companies.
- Binance Charity Foundation – Non -profit charitable organization that implements a number of charitable programs in the field of poverty
- Binance Launchpad – Exclusive platform for tokens. Among the large projects that were launched on Binance Launchpad: Axie Infinity, The Sandbox and Celer Network.
- Binance Research – the department of study and analysis of the cryptocurrency market that issues research and provides professional data.
- BINANCE NFT – a trading platform on which all types of digital works of art and collection objects are represented.
- Binance Card – cryptocurrency debit map of the VISA system.
- Binance Pay – Service of cross -border cryptocurrency translations.
Binance also acquired several crypto projects that continued to work by retaining their brand and autonomy:
- Coinmarketcap – The most visited aggregator of data on trading digital assets.
- Trust Wallet – cryptocurrency wallet with support for a large number of digital assets.
- WAZIRX – The largest crypto -rope in India.
What Binance is criticized for?
Binance provides access to trading users practical from all countries of the world. At the same time, since the start of work, it was criticized by the authorities and regulators of individual states due to the lack of necessary licenses and permits.
The company does not disclose the legal structure, the exact number of offices and employees. Binance founder Chanpen Zhao and her representatives for a long time denied her headquarters.
Back in 2018, the platform announced the “move” to Malta, which was then called “blockchain-Ostrov” for favorable legislation in the field of cryptocurrencies. However, at the beginning of 2020, the Maltese regulator said that Binance does not have a license to trade digital assets.
In 2019, the US authorities officially banned the work of Binance in the country. After that, she opened a separate Binance US platform, which can be traded from users from the United States. At the same time, in 2022, American law enforcement officers launched an investigation due to the alleged communication of Binance US and trading companies affiliated with Chanpen Zhao.
During 2021, Binance has exposed criticism from regulators of various countries, including Malta, the Netherlands, Italy, Poland, Singapore, South Africa and Malaysia. Often officials warned their citizens about the lack of necessary permits for the company.
Against the backdrop of regulatory problems, the head of Binance made an open letter in which he announced the beginning of the transformation of the digital ecosystem into a legal enterprise with a centralized business structure. He also spoke about plans to localize Binance confirmed services in some countries and closer cooperation with law enforcement officers.