What is Binance ?
Binance is a Hong Kong–based cryptocurrency exchange launched by developer Changpeng Zhao (aka CZ) in July 2017. Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million.
Investors who invested in the ICO got Binance Coin (BNB) in return which can be used to trade cryptocurrencies and pay for fee on Binance. BNB’s initial value was around 0.1$ .
Binance became so popular, so quickly that CZ and Binance both became worth more than $1 billion in less than one year, officially making it one of the first companies to achieve “unicorn” status in the cryptocurrency industry.
Currencies and Payment Methods
Binance accepts crypto deposits only. All coins supported by the exchange can be deposited and withdrawn. Having said that, Binance’s brokerage service allows you to buy the following currencies with a credit card: Bitcoin (BTC) Ripple (XRP) Binance Coin (BNB) Ethereum (ETH) Litecoin (LTC) Bitcoin Cash (BCH) All in all, the number of coins available to trade, deposit and withdraw on the exchange is nearly 100, and all major altcoins, including Litecoin, Ripple, and Bitcoin Cash, are in the listing.
Can I Withdraw Money from Binance?
You can only withdraw cryptocurrencies from Binance. There is no option to withdraw fiat currencies (i.e. USD, EUR, etc.) Can I Buy Bitcoins on Binance? Yes. It’s possible to Buy Bitcoins on Binance with a credit card or with any supported cryptocurrency.
Is Binance Safe?
Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa). On May 7, 2019, Binance experienced a major hack which resulted in 7000 Bitcoins stolen from the exchange. However Binance has stated that all losses will be covered by its emergency insurance fund (aka SAFU).
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