The token is not just limited to that, though, as you can also use it to invest in ICOs which participate in Binance’s Launchpad program, for example. To know more about the fees on the platform, check our Binance fees guide.īinance offers an incentive to pay transaction fees in BNB by offering a 50% discount in the first year of membership, decreasing every subsequent year for five years. The token had been issued and distributed in an ICO with the launch of the exchange (as an Ethereum ERC-20 token, the ICO itself raising ~$15 million at the time). All SAFU funds are stored in a separate cold wallet.īinance’s native token BNB (Binance Coin)Īnother aspect of Binance that makes it appealing is its competitive trading fees (a flat rate of 0.1%), further reduced by holding the platform’s native token, Binance Coin (BNB). Thus, Binance allocates 10% of all trading fees received into SAFU to protect users and their funds in extreme cases. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users intending to protect the investors’ funds on the exchange. What is Binance’s SAFU fund? SAFU, the Secure Asset Fund for Users, is an emergency insurance fund. This act significantly strengthened Binance’s reputation in the cryptocurrency industry. Thieves stole $40 million in Bitcoins at the time, but thanks to Binance’s SAFU fund, all losses were covered by the exchange, and Binance reimbursed traders immediately. In 2019 Binance exchange experienced a sophisticated cyberattack (it was hacked). Each token must fulfill Binance’s standards and criteria just to be considered for listing (and can also be de-listed for violating the terms). What makes Binance particularly attractive is its extensive list of supported crypto-assets and their trading pairs, including the industry’s hallmarks like Bitcoin and Ethereum, as well as smaller and micro-cap tokens. The company continuously seeks to ensure transparency in its operations. Notably, Binance is also considered as one of a handful of cryptocurrency exchanges that do not fake volume or engage in wash trading activities. In September 2019, it launched a separate dedicated platform for its US customers, registered with FinCEN, and fully compliant with the US’s regulatory framework. Since then, the platform has established itself as one of the most reliable players in the crypto space. It was founded by Changpeng Zhao (known by his initials CZ) in China in 2017. Mercuryo Review (crypto payments & wallet)īinance is currently the world’s largest cryptocurrency exchange by trading volume. Uphold review (buy crypto, stocks, metals).
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