Like many of the top exchange platforms in the space, it is doing everything to ensure user funds are safe. It's never going to be said in absolute terms that this or that cryptocurrency exchange is impenetrable. If you are using the app, click on "Account" and then "Security." Is Binance Safe? If you have signed up for an account and would like to counter-check what security level you have enabled, log in and head over to the Security dashboard. Users, on the other hand, have access to a 2 step authentication or two-factor authentication (2FA) process. The exchange also uses AI and cyber forensics to monitor exchange activities and Universal 2nd Factor (U2F) to authenticate transactions. The exchange moved quickly to strengthen its security and created SAFU (Secure Asset Fund for Users), which is set aside from exchange fees to settle compensations in case of such losses. However, it should be noted that the exchange suffered a security breach in May 2019 that resulted in the loss of 7000 Bitcoins after hackers compromised several user accounts. Security is a key feature of the ecosystem, and the company boasts a fairly solid score on this feature. In June 2020, the company announced the launch of Binance UK, an FCA-regulated affiliate the exchange has earmarked for the UK and European investors. Regulation and Securityīinance is a centralised cryptocurrency exchange, largely unregulated though the company has recently begun working closely with regulatory authorities in the US and UK. The company website and businesses are accessible in multiple languages, including Chinese, English, Japanese, French, and Turkish among others. Today, the exchange platform has registered over 15 million users, with its average daily trading volume hitting over $2 billion. It acquired WazirX, the largest crypto exchange in India then followed that up with analytics firm DappReview, and netted CoinMarketCap in a reported $400m acquisition. The company completed a hattrick of acquisitions in 20. It has an extensive team operating offices in over 40 countries across the world, including the UK, USA, France, Singapore, Germany, Uganda, and India. In 2020, Maltese authorities said that the exchange did not have regulatory approval to operate in the country. The move was seen as a pointer to seek greater regulatory oversight and dispel any lingering doubts as to its legality and security. In June 2019, the company announced it was partnering BAM Trading to launch Binance US. It caters to European investors and lists EUR and GBP trading pairs. In 2019, the team announced the launch of Binance Jersey, a fiat-to-crypto platform that operates independently. The following year, Changpeng Zhao and the team opened offices in Taiwan, later announcing it was shifting base to the crypto-friendly EU state of Malta. In 2017, the team moved its operations to Japan as China imposed a ban on cryptocurrency trading. The former is the CEO of the fast-developing and expanding company, whose extensive experience working at OKCoin and wallet helped create the world's largest cryptocurrency exchange by trade volume. Key figures at the company are its founders, Changpeng Zhao and Yi He. It was launched in July 2017 in China following an initial coin offering (ICO) that raised $15 million from investors, who received the native Binance Coin (BNB) in exchange for their capital. But if you are looking for a feature not available, here is a list of other exchange platforms you can consider. The exchange's low fees and a huge number of trading pairs, as well as strong security features, make it one of the platforms most people recommend for new users and seasoned traders alike. Binance is still the largest crypto-to-crypto trading platform but has increased its offering of fiat-to-crypto services among other trading options to see it hold on as the largest cryptocurrency platform in the world.
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