#TariffsPause Binance is one of the largest and most well-known cryptocurrency exchanges in the world. Here are some key points about Binance:
### **Overview**
- **Founded**: 2017 by **Changpeng Zhao (CZ)**
- **Headquarters**: Originally in China, now operates globally without a fixed HQ (previously in Malta, UAE, etc.)
- **Services**: Spot trading, futures, margin trading, staking, lending, NFT marketplace, and more.
### **Key Features**
1. **Wide Range of Cryptocurrencies** – Supports hundreds of coins and tokens.
2. **High Liquidity** – One of the most liquid exchanges, facilitating large trades.
3. **Binance Coin (BNB)** – Native cryptocurrency used for fee discounts and ecosystem utilities.
4. **Binance Smart Chain (BSC)** – A blockchain supporting smart contracts (now rebranded as **BNB Chain**).
5. **Low Fees** – Competitive trading fees (0.1% spot trading fee, lower with BNB).
6. **Binance Academy** – Free educational resources on crypto and blockchain.
### **Regulatory & Legal Issues**
- **Global Scrutiny**: Faced regulatory challenges in the US, UK, EU, and other regions.
- **Binance US**: A separate, regulated platform for US customers due to strict regulations.
- **Fines & Settlements**:
- **2023**: Binance settled with US regulators (CFTC, DOJ) for **$4.3 billion** over compliance failures.
- **CZ stepped down as CEO** as part of the settlement.
### **Security**
- **SAFU Fund** (Secure Asset Fund for Users): Emergency insurance fund.
- **Past Hacks**:
- 2019: $40M stolen (reimbursed users via SAFU).
- 2022: BNB Chain exploit (~$570M, later recovered partially).
### **Alternatives**
- **Competitors**: Coinbase, Kraken, Bybit, KuCoin, OKX.
### **Current Status (2024)**
- Still operational but under stricter compliance measures.
- New CEO: **Richard Teng** (former Binance global markets head).
Would you like details on trading, account setup, or specific Binance features?
