■ What is the Binance platform?
Binance is the largest cryptocurrency trading platform in the world by trading volume, reaching $76 billion daily as of August 2022. The platform has 90 million customers from around the world and offers more than 350 cryptocurrencies for trading. Its services include:
• Binance Exchange
• Binance Labs
• Binance Launchpad
• Binance Academy
• Trust Wallet
• Non-fungible token (NFT) marketplace
■ When was the platform founded and leadership:
▪︎ Binance was founded in China in 2017 by Changpeng Zhao (CZ), a Canadian-Chinese developer, the current CEO, whose background includes working at Bloomberg and Blockchain.com. The other co-founder is the marketing director and head of Binance Labs, who previously worked at Yixia (video technology) and was a co-founder at OKCoin.
■ Basic Information
• Launch date June 2017 (became the largest cryptocurrency platform in less than 180 days)
• Geographical restrictions are prohibited in the United States, Canada
• Restricted access or limited features in China, Malaysia, Japan, the United Kingdom, Thailand
• Derivatives are not available in Germany, Italy, the Netherlands
• The US platform Binance.US launched in September 2019 specifically for American customers
■ Fees and Costs
• Among the lowest cost in the market
• Tiered fee system based on user level (from regular to VIP)
■ Regular users:
• 0.10% on both maker and taker in spot trading
• Fee exemption on select pairs like BTC and ETH/BUSD (since July and August 2022 respectively)
■ Advanced trading services
1. Margin Trading:
• Leverage of up to 50x is allowed via Binance Margin
2. Derivatives:
• Futures contracts (Binance Futures) settled in cryptocurrencies or BUSD
• Options contracts (Binance Options)
And this is a picture of today's daily trading volume source CoinMarketCap