CryptoCautions

Here are the key things you should know about Binance:
1. It's More Than Just a Wallet
• Binance is primarily a cryptocurrency exchange, not just a wallet.
• It offers spot trading, futures, margin trading, and even NFTs, staking, and earn programs.
2. Custodial Platform
• Binance is a custodial service, which means you don't control your private keys.
• “Not your keys, not your coins” applies, if Binance goes down, you could lose access (rare, but possible).
3. Security Features
• Offers 2FA (Two-Factor Authentication), withdrawal whitelists, and anti-phishing codes.
• Uses cold wallets to store most assets.
• Has a SAFU (Secure Asset Fund for Users) to cover emergencies.
4. Regulatory Scrutiny
• Binance has faced legal issues and regulatory pressure in various countries.
• Depending on where you live, certain features might be restricted or unavailable.
5. Supported Coins & Chains
• Binance supports hundreds of cryptocurrencies and multiple blockchains (ERC-20, BEP-20, etc.).
• Binance has its own blockchains: BNB Chain (BEP-20) and Binance Chain (BEP-2).
6. Binance Earn & Staking
• You can earn passive income by staking, lending, or using Savings and Launchpool.
• Rates vary, and some are locked for a period.
7. Easy Fiat On-Ramps
• Supports credit/debit cards, bank transfers, and P2P for buying crypto with fiat (depends on your region).
• Has its own Visa debit card in some countries.
8. Mobile App & Web Platform
• Binance has a full featured mobile app and web dashboard.
• Also offers Lite mode for beginners and Pro mode for advanced users.
9. KYC Requirements
• You must complete KYC (identity verification) for full access.
• Without KYC, you're limited in withdrawals and features.
10. Global Presence, but Region-Specific Rules
• Although Binance.com is global, but there are country-specific versions like Binance US or restrictions in places like the UK or Ontario (Canada).