what is the binance; [crypitoeducat]

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Binance,

                 Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading.In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

In 2021, Binance shared client data, including names and addresses, with the Russian government

2013–2017: company beginnings and move out of China

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for stockbrokers. In 2013, he joined Blockchain.info as the third member of the cryptocurrency wallet's team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.The company was founded in 2017 in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017.

2018–2019: launch of stable coin and security breach

In January 2018 it was the largest cryptocurrency exchange with a market capitalization of $1.3 billion,a title it had retained as late as April 2021, despite competition from Coinbase, among others.In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.In April 2018, Binance signed a memorandum of understanding with the government of Bermuda.Months later, a similar memorandum was signed with the Malta Stock Exchange to develop a platform for trading security tokens.In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence. Jersey based exchange offers fiat-to-cryptocurrency pairs, including the Euro and the British pound.In August 2018, Binance along with three other big exchanges raised $32 million for a stablecoin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.

             

binanc coins

1.BinanceUSD (BNB)

Throughout its history, the company has launched two cryptocurrencies which it developed itself: Binance Coin (BNB), and BinanceUSD (BUSD).BNB launched July 2017,[citation needed] which started as an Ethereum token and later moved to Binance Smart Chain (BSC), launched September 2020.BSC later merged with the older Binance Chain and was rebranded into BNB chain.[better source needed] BNB Chain operates using "Proof of Staked Authority", a combination of proof of stake and proof of authority. It has 21 approved validators. As of 2021, Binance Coin was the cryptocurrency with the third highest market capitalization. Binance allows its users to pay fees on its exchange with BNB.BSC supports smart contracts and is compatible with the ethereum virtual machine (EVM).[citation needed]There have been multiple criticisms of Binance Smart Chain concerning its level of centralisation, which had led to several exploits on the network.

2.BinanceUSD [BUSD]

BUSD[Binance USD]

Code BUSD

Initial release September 10, 2019; 3 years ago

Development status Active

Block explorer etherscan.io

Circulating supply 19,016,156,336.57 (As of 23 August 2022)

Supply limit Unlimited

Exchange rate Pegged to the US Dollar

Market cap $19,014,856,231

Website binance.com/en/busd

BUSD, or BinanceUSD is a US Dollar pegged stablecoin issued by Binance.According to Binance it is backed 1:1 by a reserve of US Dollars and was founded by them in partnership with Paxos who is the issuer of the token. Paxos holds the reserves only partially in cash deposited in their US bank accounts with the other part held in U.S. Treasuries. BUSD is natively issued on the Ethereum blockchain by Paxos. Binance creates Binance-Peg BUSD by locking the natively ERC-20 BUSD in a smart contract on the Ethereum Blockchain and issuing Binance-Peg BUSD equivalent to the amount held in reserve in the smart contract. Binance-Peg BUSD is native to BNB chain.[better source needed]BUSD is a widely used stablecoin being the 3rd largest stablecoin by market capitalisation following USDT and USDC.