What is Binance?

Binance is currently the most well-known and most used cryptocurrency exchange. Binance's user interface is user-friendly and available in many different languages. It provides many different products to meet the needs of different users, allowing users to participate in the cryptocurrency market in many different ways.

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The founder of Binance is Changpeng Zhao, a Chinese-Canadian engineer. In 2014, he invested all his funds in Bitcoin and later became the co-founder and chief technology officer (CTO) of OK Coin, China's largest Bitcoin trading platform at the time. In July 2017, he founded the Binance Exchange and issued his own platform’s Binance Coin (BNB).

 

How safe is Binance? Is it a scam?

User safety first

 

Binance has put a lot of effort into security. For general users, they provide a variety of protection functions to ensure user information security, such as:

 

  • Two-factor authentication (2FA): authenticator, phone or email verification

  • Email Notification: Users will be notified via email of any activity on their account.

  • Account activity management: Users will be notified if their account is logged in from different locations or using different devices.

  • Passkey and biometrics (the latest authentication method)

Well-known in the industry, the number one exchange

 

Binance currently ranks first according to the data displayed on various data platforms. And after years of development, Binance is not only an exchange, but also develops many different products in multiple directions, such as BNB Chain, Binance Research, Binance Launchpad, Binance Academy, etc.

 

SAFU User Asset Security Fund

 

The SAFU that Binance often emphasizes means that they will store 10% of all transaction fees in the Asset Security Fund to protect some user funds. If Ping An faces an unexpected event, this fund can come forward to help deal with it.

 

Proof of Reserve (PoR)

 

Binance has specially set up a registration page so that users can check the current asset reserves of Binance at any time to ensure that users can exchange them for their own assets at a 1:1 ratio. For example, as long as the user deposits one Bitcoin, Binance’s The reserve will also be reduced by at least one Bitcoin to ensure user assets.

Based on Ping An’s current status as the number one in the industry and its multiple mechanisms and functions to protect users, we can assume that it will not be a fraudulent exchange at this stage. However, Sangbi still wants to remind readers that no matter how great your reputation is, it doesn’t mean anything! The tragedy of FTX is a lesson that we cannot ignore. The most important thing is to do a good job in asset allocation and not put eggs in the same basket.

 

Binance Platform Coin BNB, what is Binance Coin?

BNB was issued through an ICO (Initial Coin Offering) in 2017 and was listed on the Xi'an Exchange 11 days later. The coin traded around $0.1 in its early days, reaching nearly $700 at the peak of the 2021 bull run. BNB is mainly used in Binance’s platform services and the BNB Chain ecosystem:

In terms of Ping An platform services:

  • Transaction fee deduction: holders can activate the BNB discount function on the platform to obtain transaction fee discounts.

  • Used in Binance NFT platform, financial products or financial services.

  • Used for payments and donations, such as spending the token at online or physical merchants and platforms that support BNB.

  • Participate in Binance Launchpad token sales and Launchpool new coin mining.

In terms of the use of BNB chain:

  • As the gas token for BNB Smart Chain (BSC), Layer 2 solutions opBNB and zkBNB, transaction fees for these blockchains and the hundreds of applications running on them are priced in BNB.

  • Participate in BNB Beacon Chain governance.

  • Used in a variety of on-chain applications, such as pledging or lending BNB on the BNB Smart Chain Ecological Lending Protocol.