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what is Binance Binance is the world's largest cryptocurrency exchange by daily trading volume, founded in 2017 by Changpeng Zhao. It allows users to buy, sell, and trade various cryptocurrencies. Here's a brief overview ¹: - *Founding and Growth*: Binance was initially based in China but later moved to Japan, Malta, and other locations due to regulatory issues. It quickly grew to become one of the largest cryptocurrency exchanges. - *Services*: Binance offers various services, including: - *Spot Trading*: Buying and selling cryptocurrencies. - *Futures Trading*: Trading contracts that speculate on cryptocurrency prices. - *Wallet Services*: Secure storage for cryptocurrencies. - *Regulatory Challenges*: Binance has faced regulatory challenges and fines in several countries, including the US, UK, and Japan. In 2023, the company pleaded guilty to money laundering, unlicensed money transmitting, and sanctions violations in a US federal court. - *Tokens and Coins*: Binance has its own cryptocurrency, *BNB (Build'N'Build)*, which is used for fees and other services on the platform. - *Global Presence*: Despite regulatory challenges, Binance continues to operate globally, with varying degrees of compliance and restrictions in different countries. Binance's history and operations have been subject to scrutiny, but it remains a major player in the cryptocurrency market.
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