What is Binance and how does it work?

Binance is one of the largest and most popular cryptocurrency exchanges which initially started in China but then relocated its headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. The company raised around $15 million in an ICO in July 2017.

What happened to Binance?

Binance was launched in 2017, but in summer 2019, they barred US-based users from its global exchange for regulatory grounds. In order to continue serving American customers, Binance.US opened a separate, smaller exchange called Binance.US in fall of 2019. Binance US allows fiat deposits unlike what the main Binance platform offered at the time.

What is Binance coin (BNB)?

What is Binance? Binance is a popular cryptocurrency exchange that launched in 2017. Its explosive growth is attributed to the combination of low trading fees and fast transactions. Binance also has its own token, Binance Coin (BNB). The name Binance is a mashup of the words ‘binary’ and ‘finance’. Who created Binance?

What is the fee structure of Binance?

However, depending on your method of transfer, U.S. users may pay up to 4.5%. This disparity in fee structure favors users outside the U.S., where the higher fees may be related to tighter regulation of crypto in the country. By comparison to other platforms, the fee structure of Binance.US and Binance looks more complicated.