What is Binance & how does Binance work?

About Binance What Is Binance? Binance is the world’s largest crypto exchange by trading volume, with $76 billion daily trading volume on Binance exchange as of August 2022, and 90 million customers worldwide.

Is Binance a crypto exchange?

Fiat to crypto – Binance is largely known as a crypto to crypto exchange. That means that you can’t trade fiat money (like the US Dollar) on the platform for cryptocurrencies. You first need to use another platform like Coinbase that specialises in fiat to crypto exchange, then bring that cryptocurrency to Binance.

What is Binance BNB (BNB)?

BNB functions as an exchange token, meaning holders of BNB with Binance accounts can access discounted fees on the exchange. Binance created Binance.US in 2019 in response to regulatory requirements in the United States and notified customers that their accounts would be required to migrate to the new U.S-based exchange in November 2020.

What is Binance Jersey?

In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound. In April 2018, Binance launched the Binance Charity Foundation.