That has made it difficult for investors to figure out how, and where, to take the company to court. Hundreds of investors are expected to take part in proceedings against Binance, seeking damages for money they lost during a major outage.īinance says it has no official headquarters.
What I fear about Binanceīinance is facing legal troubles across the world - Canada, Cayman Islands, Italy, Japan, Malaysia, Singapore, South Africa, Thailand, the UK, and the USA. This case could set a global precedent on the liability of exchanges.Ī few days ago Bitcoin prices suddenly plunged 87 percent on Binance's US exchange - from $65,000 to $8,200. In fact, a group of derivative traders are suing Binance for trading losses suffered due to outages of the platform. Of late, I have come to hate the crypto exchange due to its glitches and outages. Binance DEX, a decentralized exchange built on Binance Chain.- which was created after Binance was banned in the US in 2019 on regulatory grounds.- the original and largest crypto exchange by volume.I am also a fan of Trust Wallet, a popular mobile wallet that supports 53 blockchains and more than a million digital assets. BUSD is one of the few stablecoins approved by the New York State Department of Financial Services (NYDFS). 19,481 crore).īUSD is a US dollar-backed stablecoin issued jointly by Binance and Paxos. 6,14,414 crore) and a daily trading volume of over $2.6 billion (roughly Rs. Did you know that 90 percent of Binance employees earn a portion of their income in BNB?īNB is the third-largest crypto with a market capitalisation of over $82 billion (roughly Rs. Its first use case was discounted trading fees on the Binance exchange. I also love the Binance cryptos, especially BNB and BUSD.īinance Coin (BNB) was issued as part of Binance's initial coin offering (ICO).
But there is a caveat here - validation is done by a small number of validators and this makes it quite centralised. Creating tokens on BSC is simple and cheap.
What I love about Binanceīinance operates two blockchains that run in parallel: The Binance ecosystem includes multiple crypto exchanges, multiple cryptocurrencies (Binance Coin (BNB), Binance USD (BUSD), Bitcoin BEP2 (BTCB)), the Trust Wallet and its TWT token, a Token Launchpad, and more. Today, it is probably the biggest player in the 2.6 trillion dollar crypto industry. Binance started off as a crypto exchange in 2017.
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