What Is Binance?
Binance is a centralized cryptocurrency [CEX] exchange founded in 2017 by Changpeng Zhao. It offers various trading options, including spot trading, futures trading, options trading, NFT exchange, and more. Binance also provides additional services such as trading bots, lending and borrowing, and a launchpad for IEOs. The exchange has its utility token called BNB, which offers discounts on trading fees and grants access to various features within the platform.
Background
Binance was established in 2017 by Changpeng Zhao and has since become one of the leading cryptocurrency exchanges globally. Its services have expanded to include a wide range of trading options and additional features, making it a popular choice among cryptocurrency traders and enthusiasts.
How It Works
Binance operates as a centralized exchange, facilitating the trading of various cryptocurrencies. Users can trade spot assets, futures contracts, options, and NFTs on the platform. Binance also provides additional services such as trading bots, lending and borrowing, and a launchpad for IEOs. The platform utilizes the BNB token, which offers discounts on trading fees and provides access to exclusive features and events. Users can also use BNB for transaction fees on the BNB Chain, a layer-1 blockchain developed by Binance.
Key Takeaways
- Binance is a centralized cryptocurrency exchange founded in 2017 by Changpeng Zhao.
- It offers various trading options, including spot trading, futures trading, options trading, NFT exchange, and more.
- Binance provides additional services such as trading bots, lending and borrowing, and a launchpad for IEOs.
- The exchange has its utility token called BNB, which offers discounts on trading fees and grants access to various features within the platform.
- Binance operates as a centralized exchange, facilitating the trading of various cryptocurrencies.
