Crypto Exchange Binance Experiences Sharp Increase in Customer Withdrawals

Like every other trading platform, Binance is a company that operates as the best cryptocurrency exchange for all its users. While it offers trading systems and services to its customers, Binance is primarily a trading exchange that works in cryptocurrency markets. Based in Hong Kong, Binance is, if not the biggest crypto exchange in the world today. It was launched in the industry a few years back, in July 2017. Within a year, Binance rose to global popularity with its highly effective services and advanced trading tools as a market leader in cryptocurrency exchanges. To conclude this Binance review, several online reviews declare Binance as the world leader in the crypto space.

If that doesn’t work, you can submit a request to chat with a customer service representative. Although Binance doesn’t clearly say which countries are restricted, there have been reports from certain users that Binance has closed their accounts for living in certain countries such as Iran and Serbia. Customers from the USA can now use Binance US after Binance withdrew its main service from the country. Binance US was launched in 2019 after the platform came under fire by the US Department of Financial Services radar for potential violation of New York’s virtual currency regulations.

Binance exchange

The CEO of Binance is actually one of the forefront figures of the entire cryptocurrency industry (together with the enigmatic Satoshi Nakamoto and Ethereum’s founder Vitalik Buterin). With an OTC Trading Portal , you can execute larger trades without any risk of “slippage”, which is what we call price movements due to large transactions. To see all of Binance’s supported cryptos, please visit this page.

One, a Lithuanian firm called Bifinity UAB, offers the most detailed picture. Bifinity described itself in one regulatory filing as the “official fiat-to-crypto payments provider for Binance.” Fiat means dollars, euros and other traditional currencies. Zhao has described the authorisations as milestones in Binance’s “journey to being fully licensed and regulated around the world.” Binance App – Trading Bitcoin and Cryptocurrencies with ease using our crypto app. Send and receive crypto from friends and family, to and from your Binance wallet with QR codes. This coin is currently not supported in your location due to local regulations.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

Binance and Coinbase both offer access to the top cryptocurrencies on the market, but Binance supports more than 10 times the amount of currencies that Coinbase does. Coinbase supports 40+ cryptocurrencies, while Binance has access to 500+. This insurance is similar to a traditional bank, insuring up to $250,000 of deposited USD funds. Of course, as with other investments FDIC coverage does not apply to any investments in your account, only to the dollars themselves. As such, any loss of crypto currency would not be covered in the event of a failure.

  • In order to make a fiat currency deposit, go to the Buy Crypto dropdown menu on the top left-hand side of the home page.
  • As shown by the arrows below, you may also change between crypto and fiat and also change your crypto deposit or fiat currency deposit.
  • Like Bitfinex, Kraken Pro also works on a maker-taker fee schedule.

On 8 November 2022, Binance offered to buy rival cryptocurrency exchange FTX’s non-US operations ( to help cover the latter’s liquidity crunch. Binance backed out of the deal the next day citing concerns about FTX’s business practices and investigations by US financial regulators. In January 2019, Binance announced that it had partnered with Israel-based payment processor Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex’s local bank policies and are limited to Bitcoin, Ethereum, Litecoin and Ripple’s XRP.

Crypto Analytics

Currently, there are 353 coins and 1412 trading pairs available on the exchange. Binance 24h volume is reported to be at $8,918,373,762.70, a change of -3.12% in the last 24 hours. The most active trading pair is BTC/USDT with a 24h volume of $3,172,399,577.09. While Binance has been by far the biggest crypto exchange by trading volume for several years, these and other numbers suggest monopoly-like dominance. A report from CryptoCompare showed Binance’s overall year-end crypto market share was 66.7%. A summer move to eliminate bitcoin trading fees and the collapse of rival exchange FTX pushed even more investors to the Binance platform.

Binance Services

We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision. In 2020, Binance built on its success and launched the Binance Smart Chain . BSC operates as a blockchain network that enables the running of smart contract applications. Finder’s editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform’s strengths and weaknesses. If you are new to crypto, you may find all of Binance’s features overwhelming, but rest assured that Binance provides plenty of useful resources to help you get acclimated.

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