What is Binance

Binance

Source: Wikipedia, the free encyclopedia

Founded2017
FoundersChangpeng ZhaoYi He
Key peopleChangpeng Zhao (CEO)
ProductsCryptocurrency exchange
Websitewww.binance.com

Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.[1]

History

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai. The company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team.

He also worked at OKCoin as CTO for less than a year. They created a platform for spot trading between fiat and digital assets.[2]

The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017.[3]By March 2018 the company had established offices in Taiwan.[2]

As of January 2018 it was largest crypto-exchange with a BNB market capitalization of $1.3 billion.[1]

In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.[4] In April 2018, Binance signed aMemorandum of Understanding (MoU) with the Government of Bermuda[5]. Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens[6]. In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.[7]

In August 2018, Binance along with three other big exchanges raised $32 million for a stable coin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin.

In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex’s local bank policies and are limited to Bitcoin, EthereumLitecoin and Ripple’s XRP.[10]

source: https://en.wikipedia.org/wiki/Binance