The report claimed that the exchange was used to launder at least $2.35 billion in the last five years. On June 6th, 2022, Reuters published an investigative report headlined “How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers”. CZ tweeted about it, you can see it here:īinance also bailed out Ronin Network, which had suffered greatly due to the hack by making an investment of $150 million. The exchange recovered funds worth $5.8 million from 86 accounts. In April 2022, Binance recovered funds that were stolen during the infamous Axie Infinity hack. Binance promptly reimbursed the affected users in full via SAFU (Secure Asset Fund for Users). The large-scale hack was well-planned and managed to get past the exchange’s security checks. Hackers stole 7000 Bitcoins worth $40 million from the hot wallet. ![]() So far, Binance has faced only one major hack in May 2019. ![]() In 2021, the IRS and the US Department of Justice investigated Binance for tax offenses and money laundering. However, the exchange remains banned in 7 states. ![]() This entity is registered with FinCen and complies with all the US laws. Later on, Binance.US was formed for US traders. Meanwhile, in the US, Binance was banned in 2019 due to regulatory issues. In February 2020, MFSA (Malta Financial Services Authorities) issued a statement to clarify that Binance is not “ authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA." As of August 2021, Binance Markets Ltd has complied with the regulatory body. In the UK, the Financial Conduct Authority had ordered Binance to stop all its regulated activities. Binance is also seeking registration in Austria, Netherlands, Portugal, Spain, Sweden, and Switzerland. The exchange has recently registered in Italy, with the intent to expand its operations in Europe. As of now, the company has secured approval in France. When it comes to regulatory authorities, Binance has always had a tough time. While Binance was originally based in China, it has since moved its headquarters to the Cayman Islands, Mahé, and Seychelles due to China’s growing regulation of the crypto industry. It launched after raising $15 million in its ICO and has now grown into the largest crypto exchange in the world. Binance supports over 600 cryptocurrencies for spot trading, margin trading, and derivatives.īinance was founded in 2017 by a Chinese-Canadian developer, Changpeng Zhao, popularly known and addressed as CZ.In some jurisdictions, Binance has localized versions like Binance Singapore, Binance Uganda, and Binance Jersey.For US traders, Binance has a separate platform Binance.US. The exchange has over 90 million users all across the globe.With a daily average trading volume of 2 billion, Binance is the largest crypto exchange.Through this, users can win rewards by learning about crypto, new projects, and more. The academy offers free information in written and video forms, making it easy for users to learn.īinance also has a learn and earn program. Users can also learn and follow tutorials on blockchain, cryptocurrency, and technology through the Binance Academy. One can access Binance either through their web platform or mobile app. It also offers access to crypto loans, staking pools, and token launch funds. Binance prides itself on low fees and fast transactions.īinance supports spot, margin, and derivatives trading for over 600 cryptocurrencies. The exchange boasts a daily average trade volume of over 2 billion. In addition, our 2022 crypto exchange analysis report placed Binance as the top cryptocurrency exchange by market presence as well. Use Swan.Binance is the largest crypto exchange in the world by trade volume. ![]() I let them know that I moved from Coinbase to them for the slight commission savings. And how long does it take for an email response? Days at best much more likely weeks. And can you call or even text? Of course not. Not after emailing them again and again and again and again. Would they return emails regarding it? No. Upon later requesting an increase in their silly-small maximum deposit-per-day amount, it was again insultingly time-consuming and difficult to get their approval for said increase. To the point of intelligence-insulting, what with having to prove I am really me, just to have the privilege of paying them to use my money to purchase Bitcoin.Ģ. Signing up was absurdly difficult and time-consuming. That's the bottom line here's a couple examples:ġ. Abominable customer service on top of robotic, needlessly cumbersome functionality that is also needlessly costly.
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