Binance Crypto Currency Trading Platform
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Is Binance The largest cryptocurrency Exchange?
Binance Exchange is one of the largest cryptocurrency exchanges in the world. The exchange serves as a platform for users to buy/sell and effectively trade a cache of cryptocurrencies. While there has been considerable back and forth when it comes to the size of Binance, many report that it is currently the largest exchange in existence.
Early Stages of Binance Exchange
Founded by Changpeng Zhao, who famously goes by CZ, Binance has gone on to change how cryptocurrency is traded. While only around since 2017, Binance has catapulted to the center stage and has been involved in a barrage of controversy; much of it surrounding increasing regulation of cryptocurrency. While Binance was based initially in China, CZ took caution due to regulation and rotated to Malta. While Binance gained excellent traction from 2017 and beyond, everything came crashing down on May 7, 2019, when CZ reported on a security breach that had wiped out $40 million or 7,000 coins. Immediately upon discovering the breach, CZ continued to be transparent and, ultimately, suspended any withdrawals/deposits for the interim until engineers could figure out what happened and how to fix the breach. While withdrawals and deposits were halted, trading continued. Contrary to what has been seen in other instances of security breaches that resulted in customers losing funds, Binance reimbursed all of those traders that were impacted by a fund that was unbeknownst to the public at the time; secure asset fund.
In recent light, Binance is back at the forefront and is facing additional pressure from the Malta Financial Services Authority. With regulation on the loom, CZ has made it known to the public that he has his eyes on China as a series of crypto operators are banding together as pressure mounts when it comes to wildly controversial legislation. Binance has been on a buying spree lately and is acquiring an assortment of different businesses that have or will prove to be fruitful in the future. Some acquisitions include CoinMarketCap and the behemoth crypto exchange in India, known as WazirX. CZ hopes to diversify Binance’s holdings; while simultaneously building their core and network in hopes of shielding them from further regulations. The idea is that smaller companies are not going to be able to stand the test of time as controversial legislation continues to close in.
Binance Exchange goes world wide
One area that Binance has had significant interest in are those gateways that are supporters of fiat. Today, Binance can facilitate the purposes of crypto in well over 50 different jurisdictions around the globe. Those exchanges that have a vast network regarding banking relations that have been curated are the prize acquisitions for CZ and company. The purchase of the Indian crypto exchange mentioned earlier, WazirX was done at a time that worked out flawlessly for Binance. Upon acquiring the exchange, it was reported that the Supreme Court inside of India had overturned a ban that was earlier placed on banks that did not allow for any trading of cryptocurrency. This repeal made it possible for Binance to be first to market in launching a fiat-based gateway, ultimately allowing for Indian rupees to be traded for crypto and vice-versa. Move after move, Binance continues to prove that they are a powerhouse and will stop at nothing to achieve dominance. USA crypto tradings can even enjoy the USA Binance app and website at Binance.US!
The future of Binance & Cryptocurrency
Just yesterday (04/13), Binance announced that it was adding bitcoin options to its futures platform, further clamping down on the throats of their competition. While starting with bitcoin options, to begin with, as was done with the future contracts implemented in the past, more cryptocurrencies are planned to be released for options trading as time continues to move forward. Last year, Binance had launched its futures trading platform. Today, Binance is the market leader when it comes to futures trading. CZ expects the same to happen with the newly released options trading. Starting slow to ensure that there are no underlying issues that have yet to be discovered, those looking to trade bitcoin options will only be able to do so via the mobile platform. As the bitcoin options platform is refined, it will be added to the primary platform in due time. Altogether, CZ has commented that he will continue to make power moves that will only expand Binance as a platform that offers everything. In other words, his vision is to make Binance a one-stop-shop for all trading needs.