What is Binance?
Binance is the world's largest cryptocurrency exchange by trading volume. As of August 2022, it facilitated $76 billion daily across 90 million global users, offering access to:
- 350+ cryptocurrencies
- Thousands of trading pairs
- Comprehensive ecosystem: Binance Exchange, Labs, Launchpad, Academy, Trust Wallet, NFT marketplace, and more
👉 Discover how Binance leads the crypto market
Founders of Binance
Co-founded in China by:
Changpeng Zhao (CZ)
- CEO of Binance
- Background: Computer science developer (McGill University), former head of Bloomberg Tradebook Futures R&D, founder of Fusion Systems
Yi He
- Chief Marketing Officer & Head of Binance Labs
- Former VP of Yixia Technology (mobile video tech), co-founder of OKCoin
Binance Launch Timeline
- Launched: June 2017
- Achievement: Became the world’s largest exchange within 180 days
Geographic Restrictions
Binance restricts access in:
- United States (uses Binance.US instead)
- Singapore, Ontario (Canada), China, Malaysia, Japan, UK, Thailand
- Derivatives unavailable: Germany, Italy, Netherlands
Fee Structure
- Low-cost trading: Tiered system (Regular users to VIP 9)
- Spot trading fees: Maker-taker model
- Zero-fee promotions: BTC spot pairs (July 2022), ETH/BUSD (August 2022)
Leverage and Margin Trading
- Binance Margin: Up to 10x leverage
Derivatives:
- Futures (USDT/BUSD settlements)
- Options for leveraged positions
FAQs
1. Is Binance available in the U.S.?
No, U.S. users must use Binance.US, a separate platform compliant with local regulations.
2. What are Binance’s lowest fees?
Regular users pay 0.1% spot trading fees, with zero fees for select pairs like BTC and ETH/BUSD.
3. How does Binance Margin work?
It allows borrowing funds to trade with up to 10x leverage, amplifying potential gains (and risks).
👉 Explore leveraged trading strategies
4. Which countries ban Binance?
China, Singapore, and Canada’s Ontario province have full restrictions due to regulatory policies.
5. Who owns Binance?
Co-founders CZ and Yi He lead the company, with CZ serving as CEO since its 2017 inception.
6. Can I trade NFTs on Binance?
Yes, Binance’s NFT marketplace supports buying, selling, and minting digital collectibles.