#show-card ## Overview [[Binance]] is one of the world's largest cryptocurrency exchanges by [[Trading volume|trading volume]]. Founded in 2017 by Changpeng Zhao (CZ), it offers a comprehensive suite of crypto-related services, including trading, [[Staking|staking]], lending, and its own blockchain ecosystems ([[BNB chain|BNB Chain]]). - **Type:** Centralized Cryptocurrency Exchange (CEX) - **Key Services:** Spot and futures trading, staking, savings, launchpad for new tokens, [[NFT]] marketplace, institutional services. - **Native Token/Coin:** Binance Coin (BNB), which is the native token of the BNB [[Beacon chain|Beacon Chain]] and BNB Smart Chain. - **Website:** [https://www.binance.com](https://www.binance.com) - **Status:** Active and a dominant player, though facing regulatory scrutiny in various jurisdictions. ## Features - Extensive range of tradable cryptocurrencies and trading pairs. - Advanced trading interface with various order types and charting tools. - Binance Earn: A suite of products for earning passive income on crypto holdings (staking, savings, [[Liquidity|liquidity]] farming). - Binance Launchpad and Launchpool: Platforms for new token offerings and [[Yield farming|yield farming]]. - Binance NFT Marketplace. - Trust [[Wallet]]: Binance acquired Trust Wallet, a popular self-custodial mobile wallet. - BNB Chain: A dual-blockchain architecture consisting of BNB Beacon Chain (for governance, staking) and BNB Smart Chain (BSC) (for [[Smart contract|smart contracts]], EVM-compatible). - Strong emphasis on liquidity and low trading fees (especially when using BNB to pay fees). - Requires [[Know your customer]] for most services. ## Ecosystem - **BNB Chain:** A significant blockchain ecosystem with a wide range of [[DApp|dApps]], particularly in [[DeFI|DeFi]] and gaming. BNB Smart Chain (BSC) is known for its low transaction fees and fast transaction times, though it has faced criticism for being more centralized than [[Ethereum]]. - **Trust Wallet:** A widely used mobile wallet. - **Binance Labs:** An incubator and venture capital arm that invests in blockchain projects. - **Binance Academy:** An open-access learning hub providing free blockchain and crypto education. ## Why it Matters in Web3 Binance is a major force in the [[Web3]] world due to its: - Massive user [[Base|base]] and trading volume, providing significant liquidity to the market. - BNB Chain ecosystem, which offers an alternative platform for dApp development and usage, particularly appealing to users and developers looking for lower fees compared to Ethereum (though with trade-offs in decentralization). - Role in token launches and fostering new projects through Binance Launchpad and Labs. - Educational initiatives that help onboard new users to Web3. - Global reach, though this has also attracted significant regulatory challenges. ## Related Concepts - [[Centralized exchange]] - BNB chain - Smart contract - Know your customer - [[Anti money laundering]] - Binance Coin (BNB) - Decentralized Application (dApp) - Ethereum Virtual Machine ([[EVM]]) - Trust Wallet - Cryptocurrency