Binance is a cryptocurrency exchange platform that was launched in July 2017. It was created by Changpeng Zhao, who had previously worked at OKCoin and Blockchain.info. Binance quickly gained popularity among cryptocurrency traders and investors due to its wide selection of coins, low trading fees, and user-friendly interface.
History of Binance’s development
July 2017: Binance launched its exchange platform and raised $15 million in an initial coin offering (ICO) for its native token, Binance Coin (BNB).
September 2017: Binance reached 1 million registered users just two months after launching.
October 2017: Binance moved its headquarters from China to Malta after Chinese authorities banned cryptocurrency trading in the country.
January 2018: Binance became the largest cryptocurrency exchange by trading volume, surpassing established exchanges such as Bittrex and Bitfinex.
March 2018: Binance announced plans to launch a decentralized exchange, which would allow users to trade cryptocurrencies without relying on a centralized platform.
July 2018: Binance launched its own blockchain, Binance Chain, and decentralized exchange, Binance DEX.
November 2018: Binance partnered with Chainalysis to enhance its anti-money laundering (AML) and know-your-customer (KYC) procedures.
December 2018: Binance launched its fiat-to-cryptocurrency exchange, Binance Jersey, which allowed users to trade cryptocurrencies with euros and British pounds.
March 2019: Binance suffered a hack that resulted in the loss of 7,000 bitcoins (worth around $40 million at the time).
April 2019: Binance launched its initial exchange offering (IEO) platform, which allowed projects to raise funds by selling their tokens directly to users on the Binance platform.
May 2019: Binance suffered another hack that resulted in the loss of 40 million dollars’ worth of cryptocurrencies.
September 2019: Binance launched its futures trading platform, which allowed users to trade futures contracts for cryptocurrencies with leverage.
April 2020: Binance acquired CoinMarketCap, a popular cryptocurrency price tracking website, for an undisclosed amount.
June 2020: Binance launched its debit card, Binance Card, which allowed users to spend their cryptocurrencies at merchants that accept Visa payments.
March 2021: Binance faced regulatory scrutiny in several countries, including the United States, Japan, and the United Kingdom, due to concerns over its compliance with local regulations.
May 2021: Binance announced that it was reducing the maximum leverage offered on its futures trading platform from 125x to 20x, following pressure from regulators.
Despite facing some challenges and controversies, Binance has continued to grow and expand its services to cater to the needs of cryptocurrency traders and investors.
Binance offers a wide range of products and services
Spot Trading: Binance allows users to buy, sell, and trade over 500 cryptocurrencies using their fiat or cryptocurrency holdings.
Margin Trading: Binance offers margin trading with up to 5x leverage, allowing users to borrow funds to increase their trading power.
Futures Trading: Binance offers futures trading with up to 125x leverage, allowing users to speculate on the price movements of cryptocurrencies.
Options Trading: Binance offers options trading, allowing users to hedge their positions and manage their risk.
Savings: Binance allows users to earn interest on their cryptocurrency holdings through its savings program.
Staking: Binance allows users to earn rewards by staking their cryptocurrency holdings on the platform.
Binance Smart Chain: Binance has its own blockchain, Binance Smart Chain, which allows developers to create decentralized applications (dApps) and run smart contracts.
Binance DEX: Binance operates a decentralized exchange, Binance DEX, which allows users to trade cryptocurrencies without relying on a centralized platform.
Binance Launchpad: Binance Launchpad is a platform that allows users to participate in initial coin offerings (ICOs) and initial exchange offerings (IEOs).
Binance Academy: Binance provides educational resources through Binance Academy, which offers free courses, articles, and videos on blockchain, cryptocurrency, and trading.
Binance Card: Binance offers a debit card, Binance Card, which allows users to spend their cryptocurrency holdings at merchants that accept Visa payments.
Binance Charity: Binance has a charity arm, Binance Charity, which uses blockchain technology to support charitable causes around the world.