The Binance exchange allows users to trade cryptocurrencies, and it provides a cryptocurrency wallet for traders so that they can store their electronic funds. The exchange offers users the possibility of earning interest or transacting with cryptocurrency. As a US-based exchange, it is a wise choice for users wary of trading in cryptocurrencies. With low fees, a selection of over 500 cryptocurrencies, and being located in nearly 180 countries, Binance is a smart choice for anyone living outside the US. Binance is designed to appeal to a wide range of users. It is very user-friendly and offers enough coins and capabilities to appeal to highly experienced traders, as well. I would recommend Binance to crypto traders of almost any level of experience.
Chengpeng Zhao, better known as CZ, is the founder and CEO of Binance, the largest cryptocurrency exchange in the world. Chinese-Canadian coder made his name building high-frequency trading systems for Wall Street’s flash boys. In 2017 Binance began as a crypto exchange and today it is the biggest player in the $2.6 trillion crypto industry. Its ecosystem consists of multiple crypto exchanges, numerous cryptocurrencies, the Trust Wallet and its TWT token, and a Token launchpad.
In several countries, Binance has been under regulatory scrutiny. Bloomberg News reported in May 2021 that Binance was under investigation for money laundering and tax evasion by the US Department of Justice and the Internal Revenue Service. Binance was banned in the United States in 2019 on regulatory grounds. There have been regulatory pressure on Binance from authorities around the world, including the UK, Japan, and even crypto-friendly Singapore.
Can Indians Binance?
In 2019, Binance acquired WazirX, India’s most trusted Bitcoin exchange to make crypto accessible to Indian users. You can buy or sell USDT, BUSD, BNB, ETH, and EOS using Binance P2P via INR. During the past two years, Binance has not reported any additional compromises of their platform and discovered the hacker responsible for the hack in April 2019. Binance is considered a safe exchange, which allows two-factor authentication (2FA) for user accounts.
Binance’s fourth legal entity in Ireland
A new entity called Binance Exchange (Ie) was set up by Binance in September: Binance (APAC) Holdings; Binance (Services) Holdings; and Binance Technologies. Zhao said that Binance is considering Ireland as its global headquarters in October. Zhao also announced plans to open offices in France according to an interview with French newspaper Les Echos. “France would be a natural choice for a regional, and maybe even a global, headquarters,” Zhao teased in the interview.
Due to low taxes, Ireland has traditionally been a preferred location for US big tech firms like Apple and Google to open offices in Europe. However, Dublin’s government decided in October to increase taxes for multinational companies to 15% from 12.5%.
