what is binance?

binance is exchange mainly meant for exchange of different cryptocurrencies it is also considered as largest exchange because its trading volume is more than any of other exchange. Binance started working as cryptocurrency exchange since 2017 and in short time it has replaced many other exchange platforms which were working for cryptocurrency the only reason is that it has build trust in people and also traders feel comfortable over here.

FOUNDER

the founder of this exchange is Changpeng Zhao who struggled hard to build the reputation of this exchange. He was actually a developer and was working to create high frequency trading softwares and then he tried his luck here and now he is regarded one of the crypto millionaires . binance headquarter was initially in china and it first started work there because in those days chinese government was working for the regulation of cryptocurrency that is why the team of binance has to move the headquarter out of China. The CEO of binance was working in shanghai in 2005 and he built the company for softwares and then in 2013 he get attached to blockchain and was working in wallet team. He also worked in OKCoin for almost a year because chinese government put ban over trading through cryptocurrency so they move their headquarter to japan

challenges

in 2021 US Government and UK government was investigating binance because of allegations of money laundering and due to tax issues then during this uk government stopped all the working of binance in united kingdom . Forbes claimed that binance CEO wanted to deceive other countries exchanges and he is making profit through illegal ways then they also claimed that it has blocked access to ip address. Another issue arise when binance refused to ban all the users who are working from russia. A good step was taken by binance that it donated 10 million dollars donation for the people who were struggling in ukraine under the influence of war. it also showed the whole list of the traders who were working from russia and provide detail about it.

binance coin

it has launched it own crypto currency one was launched in 2017 and it was binance coin and the second binance smart chain was launched in september 2020. With the help of binance coin traders and its users can also pay the fee and it has 21 approved validators . In 2021 binance coin was regarded as third highest cryptocurrency

status of binance

it has different status in different countries some countries has allowed it that people can trade through this exchange while on the other hand some countries has put a ban over it.

japan

binance has received two letters from financial services agency of japan and country has declared that people should not start business on this exchange.

thailand

thailand security agency has declared it as illegal and they have complaint against it.

• although it has faced so many challenges and still struggling to build its reputation and trying to buy the trust of investors and traders as it is common that every business has to go through different time and same binance is facing but the point is that it as remain on number one no doubt what are the conditions and coinbase is regarded as its compitent

• note; this article is just for informational purpose it is not meant for any type of promotion

thanks to all the readers and specially @Tahaintazar who always came here and spread love