We investigated Binance thoroughly. It is the biggest crypto exchange in the world and the most known one. It has been on the market for a long time and it is a stable exchange. They are working towards a decentralised finance world and all their actions and investments are towards this direction. The only alarming point is the financial sanctions by different countries but that is normal for the decentralised goal. Also the crypto stocked there are safe, even if they get sanctioned, you can still transfer the crypto to another CEX and change them to Fiat.
- Lots of Listed Coins
- Lots of Services
- Low Fees
- Lots of Sanctions
- Different Platform for US
Business score: 4.6/5
Binance is one of the earliest players in the crypto market and also the biggest and most popular one out there. From the exterior, it can be understood why Binance isn’t aggressively marketing their brand on the market but instead, they are working on the community, their needs and also have an awesome program where they pledged $100 million dollars towards enthusiastic, smart and practical teams to build the future of decentralized finance.
Founded by Changpeng Zhao, former member of Blockchain.com (formerly Blockchain.info) and CTO of OKCoin, proves early experience in the industry. Now the CEO of Binance, he has great plans for the future of decentralized finance. With their current 2,800 employees worldwide, they recently also opened around 600 new jobs around the world after a massive employee drop in 2018.
Currently, they are on track and the Road Map is not as clear as it was before. This is a normal thing as the company have plenty of years already on the market and have kept their word so far. We know that the main goal is finance decentralization and we can see that all their moves, services, and products lead towards that way.
Technical score: 4/5
They have too many products, services, and projects to name them here. Their 2 main crypto coins are the Binance Coin (BNB) used a currency and you can pay the fees on their exchange using this coin and Binance Smart Chain (BSC) which operates using “Proof of Staked Authority”. They also have the Binance Smart Chain Wallet as a browser extension. In other words, they have all the products you need to ditch the old paper currency out there.
Everything that Binance does is related to crypto but their main goal is to decentralise the finance sector which will make it impossible for the government or another institution to print or affect the market. Binance is still the number one place that comes to mind when you want to deal with crypto.
As security comes, there have been a few successful hacks on the Binance exchange in 2019 but I haven’t seen any successful hacks since then.
We also take in consideration the legal status and governmental sanctions which are as followed:
March 2018 Japan – Warned by Financial Services Agency for not being registered to do business in Japan
2019 USA – Binance was banned by the United States of America on a regulatory basis and Binance responded by oppning Binance.us which acts as a separate exchange and complies with the US laws and is registered with the United States Financial Crimes Enforcement Network.
Binance is still banned in 7 states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont
Mai 2021 USA – It was reported by Bloomberg that Binance is under investigation again for money laundering and tax evasion.
June 2021 UK – It was ordered to stop all the regulated activity for not complying with registering with the FCA in order to comply with anti-money laundering rules.
June 2021 Japan – Warned by the FSA again for not being registered to do business in Japan.
July 2021 Thailand – Thailand’s Securities and Exchange Commission cited Binance for operating without a license and filed a criminal complaint related to the “Emergency Decree on Digital Asset Business B.E. 2561 (2018)”
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