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Binance

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Binance
Founded 2017
Founders
Key people
Changpeng Zhao (CEO),
Products Cryptocurrency exchange
Website www.binance.com

Binance is an international, multi-language cryptocurrency exchange. The service raised 15 million dollars in a July 2017 Initial Coin Offering for its ERC20 BNB token.[1] 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, a platform for spot trading between fiat and digital assets.[2] The other founder, Yi He, had also worked at OKCoin as head of branding and marketing head of the virtual currency exchange OKCoin; she had also worked at Yixia Tech.[3]

Users on the Binance Exchange can receive a 50% discount on trading fees by paying with the BNB token.[2][4] Since the Binance ICO, a number of new exchanges have adopted the ICO model, issuing their own tokens[5]

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.[6] 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.[7]

In March 2018, allegations were made that Binance, along with OKex and Huobi, were fabricating up to 92.9% of the trading volumes on their platforms.[8][9] Commenting on the study, author Sylvain Ribes said "I found ridiculously massive discrepancies between exchanges. Not the kind that can be easily hand-waved away, but the kind that can only be explained by some figures being overstated as much as 95%”.[10] Following this, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.[11] In addition, Binance plans to move to Jersey to expand its European influence, having achieved a exchange license there, and plans to add fiat pairs including the Euro and the British pound to its supported currencies.[12][13]

References

  1. ^ "After 143 Days of Launching, Binance Is among the Top 3 Cryptocurrency Exchanges". LiveBitcoinNews.com. 7 December 2017. 
  2. ^ a b c Ambler, Pamela (7 February 2018). "From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance". Forbes. 
  3. ^ Althauser, Joshua (4 September 2017). "Digital Currency Exchange Binance Successfully Concludes Fundraising Round". Cointelegraph. 
  4. ^ Russo, Camila (13 March 2018). "Binance Decentralized Exchange to List Almost Any Coin, CEO Says". Bloomberg.com. 
  5. ^ Buntix, JP. "What is Bibox?". The Merkle. Retrieved 23 March 2018. 
  6. ^ Xiao, Eva (30 November 2017). "Three months after launch, this unbanked crypto exchange made $7.5m in profit". Tech in Asia. 
  7. ^ Nakamura, Yuji; Lun, Haidi (2018-01-11). "World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour". Bloomberg.com. Retrieved 2018-03-08. 
  8. ^ "Study Finds $3B Worth of Faked Cryptocurrency Volumes and Wash Trades - Bitcoin News". Bitcoin News. 2018-03-12. Retrieved 2018-05-25. 
  9. ^ "Volumes on Most Major Cryptocurrency Exchanges Are Fake or Inflated: Study". Cointelegraph. 2018-03-20. Retrieved 2018-05-25. 
  10. ^ Ribes, Sylvain (2018-03-10). "Chasing fake volume: a crypto-plague". Sylvain Ribes. Retrieved 2018-05-25. 
  11. ^ Nakamura, Yuji (2018-03-23). "World's Biggest Cryptocurrency Exchange Is Heading to Malta". Bloomberg.com. Retrieved 2018-03-24. 
  12. ^ "Crypto Giant Binance to Offer Euro Trading Pairs This Year". Bloomberg.com. 2018-06-11. Retrieved 2018-06-14. 
  13. ^ "Binance Looks to Jersey to Allow GBP Pairs and European Expansion & Support - Chainstate". Chainstate. 2018-06-13. Retrieved 2018-06-14. 

External links

  • Official website
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