Things You Don’t Know About Binance

Binance Holdings Ltd., commonly known as Binance, is a global company that operates the largest cryptocurrency exchange by daily trading volume.

Founded in 2017 by Changpeng Zhao, a developer with a background in high-frequency trading software, Binance started in China before relocating to Japan shortly before the Chinese government imposed restrictions on cryptocurrency companies.

The exchange then moved to Malta and currently does not have an official headquarters.

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Throughout its history, Binance has faced numerous lawsuits and regulatory challenges.

As a result, it has been banned from operating in certain countries and has incurred various fines. Allegations have also been made regarding its potential use as a funding mechanism for terrorist groups.

In November 2023, Binance pleaded guilty in a U.S. federal court to charges of money laundering, unlicensed money transmitting, and sanctions violations.

In 2021, both the U.S. Department of Justice and the Internal Revenue Service launched investigations into the company over allegations of money laundering and tax offenses.

Additionally, the UK’s Financial Conduct Authority ordered Binance to cease all regulated activities in the United Kingdom in June 2021.

That same year, Binance reportedly shared client data, including names and addresses, with the Russian government.

 

Things You Never Knew About Cryptocurrency

A cryptocurrency, or crypto, is a digital form of currency designed to function as a medium of exchange through a decentralized computer network, independent of any central authority like a government or bank.

From a financial perspective, cryptocurrencies have evolved into their own asset class, though, unlike traditional asset classes like equities or commodities, formal sectors within crypto are not yet clearly defined.

Ownership records for individual coins are stored in a digital ledger—a computerized database that uses strong cryptography to secure transaction records, control the creation of additional coins, and verify transfers of ownership.

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While the term “cryptocurrency” is widely used to describe many fungible blockchain tokens, they are not considered traditional currencies.

In various jurisdictions, cryptocurrencies have been classified as commodities, securities, or currencies, depending on local laws. Practically, they are generally viewed as a distinct asset class.

Some cryptocurrency systems use validators to maintain their networks.

In a proof-of-stake model, token owners stake their holdings as collateral to gain authority over the token in proportion to their stake.

These stakers typically earn additional tokens over time through rewards such as network fees or newly minted tokens. Small amounts of cryptocurrency that aren’t worth spending due to transaction fees are referred to as “dust.”

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Cryptocurrencies are typically not issued by a central authority and do not exist in physical form, though there have been experiments with physical coins.

Most rely on decentralized control rather than central bank digital currencies (CBDCs). When centralized, cryptocurrencies are minted or issued by a single entity, but with decentralized control, they operate through distributed ledger technology, most commonly blockchain, which acts as a public transaction database.

Bitcoin, the first cryptocurrency, was released as open-source software in 2009.

By June 2023, there were more than 25,000 cryptocurrencies in existence, with over 40 boasting market capitalizations exceeding $1 billion.

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