What is Binance Exchange? What You Need to Know About Binance

In this article, we examined Binance, the world’s largest cryptocurrency exchange in terms of trading volume. What is Binance? Is it reliable, who owns Binance? We answered such questions with statistics. Let’s see if Binance is reliable. Of course, most of these investors are wondering if the platforms where they can buy and sell crypto money are reliable, who owns it, which country’s stock market is.

Bitcoin and cryptocurrencies are perhaps one of the most talked about topics of 2021. Cryptocurrencies rising rapidly, closed or closed stock markets, Elon Musk buying Bitcoin, praising Dogecoin and appearing on a television show just for Dogecoin, the total market value of cryptocurrencies is 2.6 (2,600,000,000) trillion up to $. Of course, with this rise, many new investors entered and continue to enter the crypto money market.

What is Binance Exchange?

Binance is the world’s largest cryptocurrency trading platform by trading volume. According to the data of CoinMarketCap, the volume of transactions made on Binance on June 9, 2021 was recorded as $ 29,833,629,737 (29 billion 833 million).

We can say that Binance is an exchange that surpasses many of its competitors in terms of trading volume and number of users. Binance broke a new record in 2020 and millions of crypto money investors signed up with Binance. Another interesting development about Binance was the increase in the number of institutional members. When we interpret this, we can say that some of the companies that want to invest in Bitcoin and crypto money are members by trusting Binance.

Who Owns Binance and Which Country Does Binance Own?

“Who owns Binance, which country is Binance?” Such questions are also among the questions asked by crypto money investors. Binance is owned by Changpeng Zhao, born in 1977. Chanpeng Zhao, who is of Chinese descent, moves to Canada after his father was exiled from China.

Continuing his education in Canada, Zhao is studying computer science at McGill University. However, let’s not forget that Zhao was a McDonald’s employee in his youth.

So which country’s stock exchange is Binance? Founded in September 2017 as a China-based exchange, Binance. He moved to Japan after the Chinese Government imposed a ban on cryptocurrency trading.

He opened an office in Malta with Japan making strict regulations on Bitcoin and cryptocurrencies. After these developments, it is not possible to say that Binance is a cryptocurrency exchange of any country. However, experts agree that Binance is a Chinese exchange.

Is Binance Safe?

Let’s see if Binance is reliable. We shared some data with you above. To comment on the data, it can be said that it is reliable when we consider that millions of users are members of Binance and that it has allowed uninterrupted cryptocurrency trading for a long time.

On the other hand, let’s not forget that Binance has been attacked by hackers in the past. In 2019, hackers managed to steal 7,000 Bitcoins from Binance. These 7,000 Bitcoins were worth close to $40 million at the time.

However, Binance did not allow its users to be harmed, despite stealing $ 40 million in Bitcoin. Of course, the stock market did not allow users who signed up to the stock market for a week to withdraw their crypto money to their own wallets to measure the magnitude of the attack. At the end of the one-week period, Binance continued all its transactions as it should be. Let’s not go without saying that Binance has continued to trade cryptocurrencies during this time.

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Is It Safe to Submit Credentials to Binance?

Most of the cryptocurrency exchanges ask for personal information such as identity information, address information, selfie from users who are members. If we had written this article a few months ago, the answer to this question might have been a bit of a mystery. According to this published information, exchanges have to verify the identity information of registered users. However, it is also mandatory for exchanges to keep this personal information that you provide securely.

What Is the Meaning of Binance Exchange?

Users are wondering what Binance means or what the word means. As you know, the English equivalent of the word finance is written as “Finance”. The founders of Binance also announced their name as Binance, inspired by Bitcoin and the word “finance”, since Binance is a Bitcoin and cryptocurrency exchange.

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