Binance

Binance is the largest cryptocurrency exchange by daily trading volume in the world.

It experienced US $34 trillion in trading volume in 2021.

Founded in China by Changpeng Zhao, also known as CZ, Binance now operates its headquarters out of the Cayman Islands and the Republic of Seychelles.

CZ was a former developer who previously worked with high-frequency trading software.

Binance supports trading more than 600 different cryptocurrencies for non-US traders, and over 100 digital assets for US traders.

The Binance platform (as opposed to the Binanace.us platform) is known for low trading fees, a large number of supported cryptocurrencies, and a large number of order types, including Limit orders, market orders, stop-limit orders, trailing stop orders, post-only orders, peer-to-peer trading, margin trading, and one-cancels-the-other orders.

Because of a 2019 ban of Binance in the United States because of financial regulatory issues, Binance set up Binance.us, a completely separate cryptocurrency exchange registered with the US’s FinCEN regulatory agency, a bureau of the US Department of Treasury.

Binance operates two of its own cryptocurrencies, Binance Coin (BNB) and Binance Smart Chain (BSC).

As of August 2022, Binance has experienced US $34 trillion in trading volume for the year.

Related Terms

Peer-to-Peer (P2P)

Describes the sharing of data or assets between 2 or more parties without any central authority making the transaction happen. P2P exchanges tend to offer transactions that are censorship resistant, cheap, private, and secure.

Binance Coin (BNB)

The cryptocurrency created by Binance exchange, the world’s largest centralized cryptocurrency exchange (CEX) by trading volume.. BNB is a utility token that can be traded like any other cryptocurrency, but is also used to pay for goods and services, participate in token sales, buy virtual gifts, reduce trading fees, make loans and transfers and make credit card payments.

Changpeng Zhao (CZ)

Changpeng Zhao, also known simply as CZ, is a Chinese-Canadian entrepreneur most well known as the founder and CEO of Binance, the world’s largest cryptocurrency exchange. After the collapse of FTX, and after committing $2b BUSD to a recovery fund to help distressed crypto assets, CZ is seen by some as the new savior or white knight of rypto.

FTX

FTX is a centralized cryptocurrency exchange (CEX) headquartered in The Bahamas and founded by Sam Bankman-Fried and Gary Wang in 2019. On November 11th, 2022, FTX filed for Chapter 11 bankruptcy and appointed a new CEO, Jon Ray. Sam Bankman-Fried stepped down as CEO amid accusations of mishandling $10 billion in FTX customer funds by transferring them from the exchange to his hedge fund, Alameda Research, to help fund floundering operations.

Limit Order

An order that lets a trader buy or sell a cryptocurrency at a specific price or better. When a limit order is placed, a trader has to wait for the asset he’s buying or selling to reach a certain price. Limit orders will go to the order book and look at the limit orders already placed. The order book will fill the order once the last price reaches the limit price or better.

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Binance

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Related Terms