Binance maintains value amid regulation woes

Summary

• The world’s largest cryptocurrency exchange, Binance, is considered the biggest exchange for trading crypto to crypto. However, global pressures from countries, including the US, has forced Binance to expand its compliance team.
• Binance was launched in 2017 by Company founder and CEO Changpeng Zhao. The company has more than 2000 offices around the world and had a market cap of US$50.79 billion.
• Users can move crypto assets from Binance to a bank account in a few ways. The best way to do this using a third party.
• US is a good platform for American traders who engage in frequent trading. It offers low fees compared to its competitors, such as Coinbase and access to many different cryptocurrencies.

The world’s largest cryptocurrency exchange, Binance, is considered the biggest exchange for trading crypto to crypto. However, pressure from countries, including the US and most recently the UK, has forced Binance to expand its compliance team.

Binance was launched in 2017 by Company founder and CEO Changpeng Zhao, who has a background in finance and technology. The company has more than 2000 offices around the world and had a market cap of US$50.79 billion.

Source: © Mohammedsoliman4 | Megapixl.com

Regulation issues

Binance’s ability to continuously offer new products worldwide has attracted attention from regulatory bodies across the globe.

Binance CEO, Changpeng “CZ” Zhao shared open letter last Wednesday outlining the increased need for regulation amidst the increasing adoption of cryptocurrency worldwide. In the letter, Zhao claimed the need for increased regulation is a positive sign for the crypto industry as it will allow for a broader base of users to feel safe when participating in crypto trading and investing.

As such, Zhou claims that Binance’s compliance team will double by the end of 2021.

Furthermore, the crypto exchange says it is helping to stop and prevent cybercrime, claiming it recently aided in 5,600 investigations already this year, including the takedown of a ransomware operation responsible for  US$500 million worth of damages through high-profile cyber-attacks.

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Is Binance banned in the US?

Binance is available globally, although in the United States, it’s called Binance.US, operating out of San Francisco. Binance is currently ranked ninth on CoinMarketCap’s list of the top ten exchanges.

Binance.US is a good platform for American traders who engage in frequent trading. It offers low fees compared to its competitors, such as Coinbase and access to many different cryptocurrencies.

However, Binance is only available in 43 states, banned in New York, Connecticut, Hawaii, Texas, Vermont, Idaho, and Louisiana.

Binance.US exchange, much like the global Binance exchange, is one of the most user-friendly trading platforms in the world.

It offers a quick and easy onboarding process where users can sign up and begin trading in less than ten minutes.

Moreover, it offers good security, providing a verification system whereby the user can access it.

The biggest differentiator between Binance.US and its main competitor, Coinbase, is its low fees, which can also be found on wider Binance platform. Binance.US charges its users a fee starting at 0.1% compared to Coinbase, which has a flat fee of 0.5%.

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Binance Coin

As for Binance’s native cryptocurrency, known as Binance Coin (BNB), the controversy surrounding its regulation issues seems to have barely affected it. BNB is used to fuel the Binance Smart Chain – a programmable ecosystem, much like Ethereum. Binance users use BNB to pay for fees, while developers use it to fund applications or programmes.

Binance coin (Source: © Dt89lex | Megapixl.com)

One of the reasons Binance has continued to expand despite its regulation woes is that other networks, such as Ethereum, haven’t been able to keep up with the high demand. Binance’s system is an alternative for developers wishing to build new applications.

Moreover, Binance offers a unique feature called a ‘Launchpad’ where users can find new products and developers can connect with potential investors.

Binance Coin (BNB) is currently priced at US$328.67.

How can I withdraw from Binance to my bank account?

To remove crypto assets from Binance to a bank account, users can accomplish this in a few steps. The best way to do this is by using a third party.

Using the Binance exchange website, users must go to the Withdrawal page, which can be found by clicking on the ‘Funds’ section and then clicking the ‘Withdrawal’ button.

From that point, the user is asked which cryptocurrency they wish to withdraw as well as the amount they would like to withdraw.

From there, the user is required to enter the wallet address of the recipient. Each crypto user has a digital wallet, which stores the crypto.

Finally, the user submits the request and is required to wait for two to three days before the request can be processed.